Medtronic PLC announced that it expects earnings and adjusted earnings per share to increase in the fourth quarter, as the volume of proceedings recovers from the increase in coronavirus cases in the next quarter.
The medical technology and services company announced on Tuesday that it expects revenues to increase by 5.5% in the current quarter.
Based on recent exchange rates, fourth-quarter revenue would be adversely affected by approximately $ 185 million.
The company also said it expects adjusted earnings for the fourth quarter between $ 1.56-1.58 per share.
A year ago it had announced adjusted earnings of $ 1.50 per share.
“We are starting to see the volumes of processes improve and our prospects suggest a continuous recovery until March and April.
“By the end of the fourth quarter, we expect process volumes in most of our markets to return to pre-coronary levels,” said Medtronic CFO Karen Parkhill.
Source: Capital
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