Medtronic plc Q1 Profit Decreases, but beats estimates

(RTTNews) - Medtronic plc (MDT) released earnings for first quarter that decreased from last year but beat the Street estimates.

The company's earnings totaled $791 million, or $0.59 per share. This compares with $929 million, or $0.70 per share, in last year's first quarter.

Excluding items, Medtronic plc reported adjusted earnings of $1.60 billion or $1.20 per share for the period.

Analysts on average had expected the company to earn $1.11 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 4.5% to $7.70 billion from $7.37 billion last year.

Medtronic plc earnings at a glance (GAAP) :

-Earnings (Q1): $791 Mln. vs. $929 Mln. last year. -EPS (Q1): $0.59 vs. $0.70 last year. -Analyst Estimates: $1.11 -Revenue (Q1): $7.70 Bln vs. $7.37 Bln last year.

-Guidance: Full year EPS guidance: $5.08 to $5.16