Medical device maker Medtronic Inc (MDT.N) 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.
(Reporting by Susan Kelly in Chicago; Editing by Jeffrey Benkoe and Carol Bishopric)