Medtronic plc Q4 Profit Decreases, but beats estimates

(RTTNews) - Medtronic plc (MDT) revealed earnings for fourth quarter that decreased from the same period last year but beat the Street estimates.

The company's bottom line came in at $1.18 billion, or $0.88 per share. This compares with $1.49 billion, or $1.10 per share, in last year's fourth quarter.

Excluding items, Medtronic plc reported adjusted earnings of $2.09 billion or $1.57 per share for the period.

Analysts on average had expected the company to earn $1.56 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 5.6% to $8.54 billion from $8.09 billion last year.

Medtronic plc earnings at a glance (GAAP) :

-Earnings (Q4): $1.18 Bln. vs. $1.49 Bln. last year. -EPS (Q4): $0.88 vs. $1.10 last year. -Analyst Estimates: $1.56 -Revenue (Q4): $8.54 Bln vs. $8.09 Bln last year.