Medtronic Says Hurricane's Financial Hit Lighter Than Expected
- Storm cut $55 million to $65 million from second-quarter sales
- Company previously estimated up to $250 million in costs
Fallen branches from Hurricane Maria lie on a vehicle in San Juan, Puerto Rico, in Sept. 2017.
Photographer: Alex Wroblewski/BloombergThis article is for subscribers only.
Hurricane Maria wiped out Puerto Rico, but the financial impact on Medtronic Plc was a lot lower than the medical device maker anticipated a month ago.
The storm, which shut down four manufacturing facilities on the island in September, trimmed sales by about $55 million to $65 million in the second quarter ended Oct. 27, Medtronic said. That’s about a quarter of the potential $250 million impact the company initially anticipated.