FRIDLEY (dpa-AFX) - While reporting financial results for the third quarter on Tuesday, medical devices maker Medtronic plc. (MDT) raised its adjusted earnings guidance for the full-year 2020, while also providing outlook for the fourth quarter.
For fiscal 2020, the company increased its adjusted earnings guidance to a new range of $5.63 to $5.65 per share from the prior range of $5.57 to $5.63 per share. This includes an estimated 7 cent negative impact from foreign exchange based on current rates, but excludes any impact from COVID-19.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $5.60 per share for the year. Analysts' estimates typically exclude special items.
For the fourth quarter, the company expects adjusted earnings guidance in a range of $1.62 to $1.64 per share on organic revenue growth of about 4.5 percent. Adjusted earnings include an estimated 3 cent negative impact from foreign exchange based on current rates, but excluding any impact from COVID-19.
The Street is currently looking for earnings of $1.64 per share for the quarter.
'As we look ahead to the fourth quarter and fiscal year 2021, our top-line growth acceleration is on track as we begin to realize the benefits of new product launches and put the challenges of the third quarter behind us,' said Omar Ishrak, Medtronic chairman and chief executive officer.
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