Medtronic Guides FY22 Adj. EPS In Line With Estimates; Boosts Dividend 9% - Quick Facts

(RTTNews) - While reporting financial results for the fourth quarter on Thursday, medical devices maker Medtronic plc. (MDT) initiated its adjusted earnings and revenue growth guidance for the full-year 2022, while also providing outlook for the fourth quarter. The company also raised dividend 9 percent.

For fiscal 2022, the company now projects adjusted earnings in a range of $5.60 to $5.75 per share from the prior range of $5.57 to $5.63 per share. This includes an estimated 10 to 15 cent positive impact from foreign currency based on current exchange rates. The company also expects annual revenue growth of about 9 percent on an organic basis.

On average, 29 analysts polled by Thomson Reuters expect the company to report earnings of $5.72 per share on revenue growth of 8.5 percent to $32.54 billion for the year. Analysts' estimates typically exclude special items.

The company also announced that its board of directors approved a 9 percent increase in cash dividend for the first quarter of fiscal year 2022 to $0.63 per ordinary share, payable on July 16, 2021, to shareholders of record at the close of business on June 25, 2021.

The company said it remains committed to returning a minimum of 50 percent of its free cash flow to shareholders, primarily through dividends, and to a lesser extent, share repurchases.