Medtronic’s Profit Falls After Charge for Blood Pressure Device
Medtronic Inc. (MDT), the world’s biggest maker of heart-rhythm devices, said fiscal third-quarter profit fell 23 percent after it took a charge for the 2010 acquisition of Ardian Inc. and its failed high blood pressure treatment.
Net income in the three months ended Jan. 24 fell to $762 million, or 75 cents a share, from $988 million, or 97 cents, a year earlier, the Minneapolis-based company said in a statement. Profit of 91 cents a share, excluding one-time items such as the write-off of Ardian assets, matched the average of 18 analyst estimates compiled by Bloomberg.
The company narrowed its earnings forecast for fiscal 2014 to $3.81 to $3.83 a share, from $3.80 to $3.85 a share.
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