Medtronic: Decent Earnings Follow Poor Performance Last Quarter

| About: Medtronic plc (MDT)

Unlike most of the market, Medtronic (NYSE:MDT) had a good day yesterday. The stock is up on decent earnings (Call Transcript).

For the quarter ended Jan. 23, Medtronic reported net income of $723 million, or 65 cents a share, up from $77 million, or 7 cents, a year earlier. Excluding acquisition-related charges, earnings rose to 71 cents a share from 63 cents.

Net sales rose 2.6% to $3.49 billion, or 6% excluding foreign-currency changes.

Analysts surveyed by Thomson Reuters were expecting earnings, excluding items, of 70 cents on revenue of $3.51 billion.

This is good to see. Last quarter’s performance was not comforting. Here's a look at MDT's sales and earnings for the past few quarters:

Quarter...........EPS.............Sales
Jul-01............$0.28...........$1,455.70
Oct-01...........$0.29...........$1,571.00
Jan-02...........$0.30...........$1,592.00
Apr-02...........$0.34...........$1,792.00
Jul-02............$0.32...........$1,713.90
Oct-02...........$0.34...........$1,891.00
Jan-03...........$0.35...........$1,912.50
Apr-03...........$0.40...........$2,148.00
Jul-03............$0.37...........$2,064.20
Oct-03...........$0.39...........$2,163.80
Jan-04...........$0.40...........$2,193.80
Apr-04...........$0.48...........$2,665.40
Jul-04............$0.43...........$2,346.10
Oct-04...........$0.44...........$2,399.80
Jan-05...........$0.46...........$2,530.70
Apr-05...........$0.53...........$2,778.00
Jul-05............$0.50...........$2,690.40
Oct-05...........$0.54...........$2,765.40
Jan-06...........$0.55...........$2,769.50
Apr-06...........$0.62...........$3,066.70
Jul-06............$0.55...........$2,897.00
Oct-06...........$0.59...........$3,075.00
Jan-07...........$0.61...........$3,048.00
Apr-07...........$0.66...........$3,280.00
Jul-07............$0.62...........$3.127.00
Oct-07...........$0.58...........$3,124.00
Jan-08...........$0.63...........$3,405.00
Apr-08...........$0.78...........$3,860.00
Jul-08............$0.72...........$3,706.00
Oct-08...........$0.67...........$3,570.00
Jan-09...........$0.71...........$3,494.00

Disclosure: Author holds a position in MDT as shown here.

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Tagged: , Medical Appliances & Equipment, Earnings
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