By Kimberly Chin
Medtronic PLC (MDT) said profit fell in the fourth quarter after it recorded slightly higher expenses and an $86 million restructuring charge in the quarter, compared with $7 million a year earlier.
For the fiscal quarter ended April 26, the medical device company's net income was $1.17 billion, or 87 cents a share, compared with $1.46 billion, or $1.07 a share, from a year ago. Analysts polled by Refinitiv were expecting $1.15 a share.
Excluding special items, Medtronic made an adjusted profit of $1.54 a share. Analysts forecasted $1.46 a share.
Sales were flat from a year ago, at $8.15 billion. Analysts expected $8.11 billion. U.S. revenue, which represents over half of Medtronic's total revenues, rose 2.3%, to $4.28 billion, from the same period last year.
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