Medtronic Shares Climb Following Q3 Beat


Shares of Medtronic (NYSE:MDT) climbed more than 3% pre-market today following the announcement of third-quarter results that exceeded analyst expectations, prompting the company to uplift its financial outlook for the 2024 fiscal year. Medtronic reported an adjusted earnings per share (EPS) of $1.30, which was $0.04 above the analyst consensus of $1.26. Moreover, the company’s quarterly revenue reached $8.1 billion, outperforming the anticipated $7.95 billion by analysts.
Medtronic updated its forecast for organic revenue growth in fiscal 2024, increasing it from the initially projected 4.75% to a range of 4.75% to 5%. Furthermore, the adjusted EPS outlook for 2024 was adjusted upwards from the previous range of $5.13 to $5.19 to a new range of $5.19 to $5.21, attributed to the strong performance in the third quarter.

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