Beverly Hills 11/25/2009 2:02:28 AM
Medtronic Made Major 2Q Gains
Financial World News Update by Equities Magazine
Medtronic, the nation’s largest medical device producer, reported a 59 percent boost in second-quarter profit on Tuesday from implantable hearts, against reports of waning demand from rival companies. The sales increased over the quarter encouraged Medtronic to augment its full-year guidance, resulting in shares climbing more than 7 percent on Tuesday morning. The Minneapolis based company took in $868 million, or 78 cents per share in the third quarter, a giant increase from $547 million, or 48 cents per share, this time last year. Apart from a litigation, the adjusted income came to $850 million, or 77 cents per share. Naturally revenue followed suit, reaching 3.84 billion from $3.57 billion. This was the second consecutive quarter when Medtronic exceeded analyst expectations. Shares rose $2.27, or 5.7 percent, to $42.59 in morning trading. Earlier in trading, Medtronic hit a 52-week high of $43.65. Medtronic anticipates a full-year profit in the ballpark of $3.17 and $3.22 per share. Analysts are less optimistic, forecasting $3.15 in fiscal 2010 profit. About EQUITIES: Since 1951, EQUITIES Magazine has been a leading media company providing business editorial content designed to serve the needs of business leaders, professionals, institutional investors and retail investors. We are focused on business and the business of making money, not on lifestyle subjects. We publish original reporting in print and on the Internet at www.equitiesmagazine.com, as well as select content at http://www.nasdaq.com/. For 28 years we have hosted our own branded investor conferences that connect public company CEO’s with our loyal readers in the investment community. Equities is gearing up for conferences in New York City and Newport Beach, CA. If you’re a company looking to present before our 300 registered investors or an interested investor looking to expand your portfolio contact us at: events@equitiesmagazine.com Sign up for a free one-year subscription to EQUITIES Magazine
