Medtronic Meets 2Q Profit Forecasts

MINNEAPOLIS (AP) -- Medtronic Inc. on Tuesday reported earnings of $828 million in its fiscal second quarter.

The Minneapolis-based company said it had profit of 83 cents per share. Earnings, adjusted for non-recurring costs and costs related to mergers and acquisitions, were 96 cents per share.

The results met Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was also for earnings of 96 cents per share.

The medical device company posted revenue of $4.37 billion in the period, beating Street forecasts. Analysts expected $4.36 billion, according to Zacks.

Medtronic expects full-year earnings in the range of $4 to $4.10 per share.

Medtronic shares have climbed 21 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed 10 percent. The stock has increased 18 percent in the last 12 months.