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Ireland's Medtronic profits top forecast

Tuesday, August 19 12:54:23

Medtronic, which shifted its domicile to Ireland earlier this year, today reported first-quarter earnings that exceeded analyst expectations on stronger U.S. sales of its medical devices.

Excluding one-time items, Medtronic earned 93 a share in the quarter ended July 25. Revenue rose 4 percent to $4.27 billion.

Analysts, on average, expected earnings of 92 cents a share on revenue of $4.25 billion, according to Thomson Reuters I/B/E/S.

Net earnings fell to $871 million, or 87 cents a share, from $953 million, or 93 cents a share, a year earlier.

This year, Medtronic became the largest company to relocate its headquarters here from the US after its $42.9 billion (E31.6 billion) acquisition of rival Covidien.

The world's second-largest medical device maker will pay $35.19 in cash and 0.956 of a share in Medtronic for each share in Dublin-headquartered Covidien.

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