Medtronic’s Q1 Adjusted Net Matches View; Forecast Reaffirmed (MDT)

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Medical device maker Medtronic, Inc. ( MDT ) on Tuesday posted a 5% gain in fiscal first quarter earnings, as adjusted results matched Wall Street's expectations.

The Minneapolis-based company reported fiscal first quarter net income of $864 million, or 83 cents per share, compared with $821 million, or 77 cents per share, in the year-ago period. Excluding special items, adjusted profit was 85 cents per share.

Revenue edged up 1.5% from last year to $4.01 billion.

On average, Wall Street analysts expected a matching profit of 85 cents per share, on slightly lower revenue of $4 billion.

Looking ahead, MDT reiterated its full-year fiscal 2013 earnings forecast of $3.62 to $3.70 per share. Analysts are currently looking for $3.66 per share for the year.

Medtronic shares fell 95 cents, or -2.3%, in premarket trading Tuesday.

The Bottom Line
Shares of Medtronic ( MDT ) have a 2.51% dividend yield, based on last night's closing stock price of $41.45. The stock has technical support in the $36-$38 price area. If the shares can firm up, we see overhead resistance around the $43-$45 price levels.

Medtronic, Inc. ( MDT ) is not recommended at this time, holding a DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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