MDT Posts Robust Q4 Earnings

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The medical technology global player Medtronic (NYSE: MDT) today announced that its Q4 net income rose steeply on higher sales of implantable heart defibrillators.

The Minneapolis, Minnesota headquartered company said its profits came in at $954 million, or $0.86 a share, from $103 million, or $0.09 a share last year. Excluding one-time items, MDT would have earned $0.89 a share, up from $0.82 a share in the year-ago period. The company’s revenue for the quarter climbed to $4.2 billion, from $3.8 billion. The analysts were expecting the medical product giant to record earnings of $0.88 a share on revenue of $4.19 billion.

MDT has projected its earnings outlook for 2011 at $3.45-$3.55, inclusive of dilution of about $0.05 a share from the Invatec acquisition and the pending acquisition of ATS Medical. The analysts expect the company’s 2011 earnings to come in at $3.52 a share.

After slipping 1.67% to $18.80 yesterday, shares of MBT climbed 1.33% to $19.05 in after-hours.

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