By Will Feuer
Medtronic raised its full-year adjusted earnings outlook as the medical-device maker's cost-cutting efforts take hold.
The Dublin-based company is now targeting adjusted earnings of $5.08 to $5.16 a share for the year ending April 30, up from previous guidance for $5 to $5.10 a share.
Medtronic also now expects fiscal-year organic sales to rise 4.5%, the high end of its previous range of 4% to 4.5%. The company said if foreign-exchange rates as of early August hold, revenue for the year would rise about 2.75%.
Chief Financial Officer Karen Parkhill said cost-management efforts and sales gains in the first quarter gave the company confidence to raise its annual outlook.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
08-22-23 0721ET