» Subscribe Today!
More of what you want to know.
The Daily News
X

Forgot your password?
Skip Navigation LinksHome >
VOL. 128 | NO. 5 | Tuesday, January 08, 2013

Medtronic Narrows Guidance on Tax Credit

Print | Front Page | Email this story | Comments ()

MINNEAPOLIS (AP) Medtronic Inc. narrowed its earnings guidance for its 2013 fiscal year Monday following the renewal of a key tax credit.

The Minneapolis-based medical-equipment maker said it expects to earn $3.66 to $3.70 per share. Its prior guidance was for $3.62 to $3.70 per share. Analysts polled by FactSet were expecting the company to earn $3.65 per share for the year.

Medtronic said that the new guidance is based on the beneficial impact from the renewal of the U.S. Research and Development tax credit. The company estimates the credit adds 4 cents per share to its full-year earnings, of which about 3 cents will be recognized in its third quarter and 1 cent in its fourth quarter.

The credit was approved as part of the Congressional "fiscal cliff" agreement that was signed by President Barack Obama last week. The tax credit for research and development, one of the biggest in the compromise package, is intended to support development and manufacturing to help U.S. companies against foreign competition.

Medtronic's shares were up 53 cents to $43.19 in late trading. Its stock is nearing the high end of its 52-week trading range of $35.67 to $44.79.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Sign-Up For Our Free Email Edition
Get the news first with our daily email


 
Blog Get more from The Daily News
Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 70 125 13,455
MORTGAGES 119 192 17,541
FORECLOSURE NOTICES 19 51 3,442
BUILDING PERMITS 146 769 31,699
BANKRUPTCIES 62 128 12,823
BUSINESS LICENSES 40 51 4,648
UTILITY CONNECTIONS 80 233 19,690
MARRIAGE LICENSES 25 69 4,129

Weekly Edition

Issues | About

The Memphis News: Business, politics, and the public interest.