Medtronic (MDT) Surpasses Q2 Earnings and Revenue Estimates

Core Points - Medtronic reported quarterly earnings of $1.26 per share, exceeding the Zacks Consensus Estimate of $1.24 per share, and showing a slight increase from $1.25 per share a year ago, resulting in an earnings surprise of 1.61% [1] - The company achieved revenues of $8.4 billion for the quarter ended October 2024, surpassing the Zacks Consensus Estimate by 1.75% and increasing from $7.98 billion year-over-year [2] - Medtronic has consistently surpassed consensus EPS estimates over the last four quarters, indicating strong performance [2] Future Outlook - The immediate price movement of Medtronic's stock will largely depend on management's commentary during the earnings call and future earnings expectations [3] - Current consensus EPS estimate for the upcoming quarter is $1.37 on revenues of $8.41 billion, while for the current fiscal year, it is $5.44 on revenues of $33.6 billion [8] - The estimate revisions trend for Medtronic is mixed, resulting in a Zacks Rank 3 (Hold), suggesting the stock is expected to perform in line with the market in the near future [7] Industry Context - The Medical - Products industry, to which Medtronic belongs, is currently in the top 50% of Zacks industries, indicating a favorable outlook compared to the bottom 50% [9] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [6]