Medtronic (NYSE:MDT) today beat the consensus forecast with its fiscal 3rd-quarter results, despite a -25% profit slide, sending shares up slightly in pre-market trading.
The Fridley, Minn.-based medical device giant posted profits of $821 million, or 59¢ per share, on sales of $7.28 billion for the 3 months ended Jan. 27. That’s a -25.0% bottom-line slide on sales growth of 5.0%, compared with Q3 2016.
Adjusted to exclude 1-time items, earnings per share were $1.17, 6¢ ahead of the consensus on Wall Street, where analysts were looking for sales of $7.22 billion.
