Medtronic 2Q profit jumps 50% on favorable comparison to last year
Go Deeper.
Create an account or log in to save stories.
Like this?
Thanks for liking this story! We have added it to a list of your favorite stories.
WASHINGTON (AP) -- Medical implant maker Medtronic Inc. says its second-quarter profit jumped more than 50 percent because of a favorable comparison to last year's quarter, which was weighed down by legal costs.
The company reported net income of $871 million, or 82 cents per share, compared with $566 million, or 52 cents per share, in the same quarter last year.
Excluding one-time items, the company would have earned $898 million, or 84 cents per share. Revenue edged up 3 percent to $4.13 billion.
Those results topped analyst expectations for earnings of 82 cents per share on revenue of $4.07 billion.
For over a year Medtronic has reported weaker sales of its leading franchises, defibrillators and spinal implants, because of tighter hospital budgets and reduced procedures.
Medtronic is based in Minneapolis.
(Copyright 2011 by The Associated Press. All Rights Reserved.)
Turn Up Your Support
MPR News helps you turn down the noise and build shared understanding. Turn up your support for this public resource and keep trusted journalism accessible to all.
