Medtronic earnings rise 22%, while revenue and adjusted profit beat estimates

Medtronic Plc MDT,
-2.01%
said Tuesday its first-quarter net income increased by 22% to $929 million, or 70 cents a share, from $769 million, or 56 cents a share, in the year-ago quarter. Adjusted profit totaled $1.13 a share. Revenue dropped to $7.37 billion from $7.99 billion partly on foreign-exchange losses. The medical products company beat the analyst estimate for earnings of $1.12 a share and revenue of $7.22 billion, according to data from FactSet. Looking ahead, Medtronic stuck to its estimates for fiscal year 2023 adjusted earnings of $5.53 a share to $5.65 a share, including a negative foreign-currency impact of 17 cents to 22 cents a share. Analysts are looking for earnings of $5.55 a share. Medtronic shares rose 0.3% in premarket trades. The stock is down 10% in 2022 compared to a loss of 13.2% by the S&P 500 SPX,
-2.14%.

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