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BRIEF-Medtronic reaffirms guidance, provides update on hurricane Maria impact
October 6, 2017 / 8:32 PM / 2 months ago

BRIEF-Medtronic reaffirms guidance, provides update on hurricane Maria impact

Oct 6 (Reuters) - Medtronic Plc :

* Medtronic provides update on impact from hurricane Maria

* Says ‍excluding expected impact of hurricane Maria,‍ co reaffirms fiscal 2018 q2 and full fiscal year guidance provided on august 22, 2017​

* Fy2018 earnings per share view $4.77, revenue view $29.47 billion -- Thomson Reuters I/B/E/S

* Q2 earnings per share view $1.07, revenue view $7.08 billion -- Thomson Reuters I/B/E/S

* Is utilizing existing inventory levels and increasing manufacturing in locations outside of Puerto Rico for many of its products​

* Estimates an impact to both revenue and non-gaap net earnings up to $250 million dollars in fiscal 2018 q2​

* Excluding expected impact of hurricane Maria, company reaffirms its fiscal 2018 q2 and full fiscal year guidance provided on august 22​

* Considering severity of hurricane, company’s Puerto Rico facilities fared well, but each sustained some damage​

* Continues to expect mid-single digit revenue growth on a comparable, constant currency basis in second half of fiscal year​

* Has made considerable progress in repairing Puerto Rico manufacturing facilities, with limited production starting on october 2​

* Expects some non-recurring expenses directly related to recovery efforts in puerto rico to be excluded from its q2 2018 non-gaap earnings

* All of sites are partially operating, manufacturing is expected to gradually ramp up over coming weeks​ Source text for Eikon: Further company coverage:

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