FRIDLEY (dpa-AFX) - While reporting financial results for the first quarter on Tuesday, Medtronic plc. (MDT) raised its adjusted earnings guidance for the full-year 2020, while maintaining organic revenue growth outlook.
'As a result of our first quarter outperformance and confidence in our outlook, we are raising our full year EPS guidance,' said Omar Ishrak, Medtronic chairman and chief executive officer.
For fiscal 2010, the company increased its adjusted earnings guidance to a new range of $5.54 to $5.60 per share from the prior range of $5.44 to $5.50 per share. This includes an estimated 10 cent negative impact from foreign exchange based on current rates.
However, the company continues to project organic revenue growth of about 4 percent. At current exchange rates, revenue growth would be negatively affected by 0.8 to 1.2 percent.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $5.48 per share on revenue growth of 2.8 percent to $31.41 billion for the year. Analysts' estimates typically exclude special items.
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