Jan 7 Medical device maker Medtronic Inc
said on Monday that fiscal 2013 earnings will be at the upper
end of its previously forecast range, boosted by a research tax
credit, for an annual growth rate of 6 percent to 7 percent.
Medtronic expects 2013 earnings, excluding charges, of
$3.66 to $3.70 a share, compared with its previous forecast of
$3.62 to $3.70 a share.
Analysts, on average, expected $3.65 a share, according to
Thomson Reuters I/B/E/S.
Medtronic, which provided the update in conjunction with a
presentation at the J.P. Morgan Healthcare Conference in San
Francisco, estimated the tax credit will boost full-year
earnings by $30 million to $35 million, or 4 cents a share. It
expects about 3 cents in the third quarter and 1 cent in the
fourth quarter of fiscal 2013.
Shares of Medtronic were up 53 cents, or 1.24 percent, to
$43.19 at midday on the New York Stock Exchange.