Medtronic plc (NYSE: MDT) reported its financial results for the quarter ended April 24, 2020, on Thursday before the market opens. The results missed analysts’ expectations.
The company posted a 45% dip in earnings for the fourth quarter of 2020 due to the impact of the COVID-19 pandemic. The results were in-line with the expectations and consistent with the impact felt across the MedTech industry from deferred procedures as a result of the pandemic.
Given the uncertainty on near-term financial results caused by the COVID-19 pandemic, the company is not providing formal annual or quarterly financial guidance at this time.
On May 20, the board of directors approved an increase in cash dividend for the first quarter of fiscal 2021, raising the quarterly amount to $0.58 per ordinary share. The dividend is payable on July 17, 2020, to shareholders of record on June 26, 2020.
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