Medtronic plc (NYSE:MDT) early Tuesday posted better than expected fiscal third quarter earnings results and reaffirmed its guidance for the full year.

Written by StockNews.com

The Dublin, Ireland-based medical device maker reported adjusted Q3 EPS of $1.12, which was $0.01 better than the Wall Street consensus estimate of $1.11.

Revenues rose 5% from last year to $7.28 billion, also topping analysts’ $7.22 billion view.

Medtronic noted that U.S. revenue gained 4% from last year to $4.106 billion, and represented 56% of its total sales. Non-U.S. developed market revenue gained 6% to $2.193 billion, representing 30% of its total. Finally, emerging market revenues were up 9% to $984 million, and made up the remaining 14% of the total sales.

Looking ahead, MDT reiterated its previously announced full-year 2017 EPS outlook of $4.55 to $4.60, which is in-line with Wall Street expectations. It also left its outlook for revenue growth in the mid-single digit range unchanged.

The company commented via press release:

“In Q3, we achieved solid results across all of our business groups and geographies,” said Omar Ishrak, Medtronic chairman and chief executive officer. “At the same time, we produced meaningful operating profit growth based largely on our synergy programs from the Covidien integration, as well as our focus on operating excellence initiatives.”

...Year-to-date, MDT has gained 10.74%, versus a 5.17% rise in the benchmark S&P 500 index during the same period.

MDT currently has a StockNews.com POWR Rating of B (Buy), and is ranked #44 of 121 stocks in the Medical – Devices & Equipment category.