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MarketWatch MarketPulseNov 19, 2019
Medtronic's stock surges after earnings rise above expectations, and outlook raised
Shares of Medtronic PLC surged 2.4% in premarket trading Tuesday, after the medical technology company reported fiscal second-quarter earnings that rose above expectations, and raised its full-year profit outlook, but the stock slipped 1.1% in premarket trading to extend a pullback from the previous session's all-time intraday high. Net income for the quarter to Oct. 25 rose to $1.36 billion, or $1.01 a share, from $1.12 billion, or 82 cents a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share came to $1.31, above the FactSet consensus of $1.28. Revenue rose 3.0% to $7.71 billion, above the FactSet consensus of $7.66 billion, as beats in diabetes, restorative therapies and minimally invasive therapies segment revenue offset a slight miss in cardiac and vascular revenue. For fiscal 2020, the company affirmed its revenue growth outlook of 4.0% but raised its adjusted EPS guidance range to $5.57 to $5.63 from $5.54 to $5.60. The stock had closed at a record $112.06 on Friday, then rose to an record intraday high of $114.46 on Monday before reversing to closed down 0.7%. The stock has rallied 22.3% year to date through Monday, while the S&P 500 has climbed 24.5%.

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