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Medtronic grows revenue, beats profit target
By Steve Gelsi, MarketWatch
Last Update: 8:32 AM ET Nov 24, 2009
NEW YORK (MarketWatch) -- Shares of Medtronic rose Tuesday after the medical technology specialist said its second-quarter profit rose 59% after the benefit of a one-time litigation gain and an accounting change.
Medtronic MDT earned $868 million, or 78 cents a share, up from $547 million, or 48 cents a share, in the year-ago period.
Revenue rose 8%, to $3.8 billion.
On an adjusted basis, net earnings rose 12% to $850 million, or 77 cents a share.
Analysts surveyed by FactSet Research had expected, on average, net earnings of 74 cents a share on revenue of $3.75 billion.
The Minneapolis-based company also raised its profit target for the fiscal year 2010 to a range of $3.17 to $3.22 a share, ahead of the Wall Street target of $3.14 a share.
The company reiterated its 5% to 8% constant currency revenue growth outlook for the foreseeable future, including the second half of fiscal year 2010.
Shares of Medtronic rose 5% to 42.44 in pre-market trades on Tuesday.
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