Medtronic Boosts FY20 Adj. Earnings Outlook - Quick Facts

(RTTNews) - While reporting financial results for the second quarter on Tuesday, Medtronic plc. (MDT) raised its adjusted earnings guidance for the full-year 2020, while maintaining organic revenue growth outlook.

For fiscal 2020, the company increased its adjusted earnings guidance to a new range of $5.57 to $5.63 per share from the prior range of $5.54 to $5.60 per share. This includes an estimated 9 cent negative impact from foreign exchange based on current rates.

However, the company continues to project organic revenue growth of about 4 percent. At current exchange rates, revenue growth would be negatively affected by 0.8 to 1.2 percent.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $5.56 per share on revenue growth of 3.0 percent to $31.48 billion for the year. Analysts' estimates typically exclude special items.

"As we look forward, we're even more excited about what lies ahead, as the investments we've made in our pipeline begin to pay off by accelerating our revenue growth and creating value for our shareholders," said Omar Ishrak, Medtronic chairman and chief executive officer.