Medtronic Plc. (MDT) said Tuesday it had net income of $1.016 billion, or 74 cents a share, in its fiscal first quarter to July 28, up from $929 million, or 66 cents a share, in the year-earlier period.
Sales in its cardiac and vascular business - which accounts for more than a third of the group's revenues - rose 5.1% to US$2.65bn.
First quarter revenue hit $7.39 billion, up 3 percent over the same period past year. Adjusted per-share earnings came to $1.12, ahead of the FactSet consensus of $1.08.
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Analysts had expected the company to earn $1.08 per share, according figures compiled by Thomson Reuters.
Revenue climbed 3.1 percent to $7.39 billion, but missed analysts' estimates of $7.45 billion.
The Dublin-headquartered group wasn't helped by a computer outage in its offices in June after experiencing some disruption to its IT system. It expects adjusted earnings per share growth of between 9% and 10%, while revenues are forecast to rise by 4% to 5% on a constant-currency basis in the year ending April 2018.
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