By Dean Seal
Medtronic PLC posted a 1% drop in revenue and earnings that were just below Wall Street expectations for its fourth quarter amid continuing global supply-chain disruptions and Covid-19 lockdowns in China.
The medical-technology and services company reported net income attributable to the company of $1.5 billion, or $1.10 a share, for the quarter ended April 29, compared with $1.4 billion, or $1 a share, in the same period a year ago.
Stripping out one-time items, adjusted earnings were $1.52. Analysts polled by FactSet had been expecting $1.56 a share.
Sales for the quarter fell to $8.1 billion from $8.2 billion last year, below analyst expectations of $8.4 billion, according to FactSet.
The fourth-quarter results were acutely affected by “global supply chain and Covid-19 controls in China” that the company is working to resolve in the near term, Chief Executive Geoff Martha said.
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