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VOL. 129 | NO. 161 | Tuesday, August 19, 2014

Medtronic First-Quarter Profit Drops Almost 9 Percent

AP

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MINNEAPOLIS (AP) Medtronic Inc. on Tuesday reported net income that declined by nearly 9 percent in its fiscal first quarter, and beat analysts' expectations.

The Minneapolis-based company said earnings decreased to $871 million, or 87 cents per share, from $953 million, or 93 cents per share, in the same quarter a year ago.

Earnings, adjusted for costs related to mergers and acquisitions and restructuring costs, were 93 cents per share. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 92 cents per share.

The medical device company said revenue climbed nearly 5 percent to $4.27 billion from $4.08 billion in the same quarter a year ago, and beat Wall Street forecasts. Analysts expected $4.25 billion, according to Zacks.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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PROPERTY SALES 110 154 13,810
MORTGAGES 135 193 18,019
FORECLOSURE NOTICES 1 29 3,534
BUILDING PERMITS 430 430 32,733
BANKRUPTCIES 52 130 13,133
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