Medtronic Boosts FY23 Adj. EPS Outlook - Update

(RTTNews) - While reporting financial results for the third quarter on Tuesday, medical devices maker Medtronic plc. (MDT) provided its revenue growth guidance for the fourth quarter and raised adjusted earnings outlook for the full-year 2023, based on third quarter performance.

For the fourth quarter, the company expects organic revenue growth of 4.5 to 5.0 percent. Revenue would be negatively affected by approximately $165 million to $215 million at current exchange rates.

For fiscal 2023, the company now projects adjusted earnings in a range of $5.28 to $5.30 per share, up from the prior guidance range of $5.25 to $5.30 per share.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $5.27 per share for the quarter. Analysts' estimates typically exclude special items.

"As we look ahead, we are focused on delivering durable topline growth and significant expense reductions as we navigate through macro headwinds from foreign currency and inflatio," said Karen Parkhill, Medtronic chief financial officer.

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