UPDATE: Medtronic FQ1 Profit Surges 10%

Medtronic MDT reported a 10% rise in its fiscal first-quarter earnings. Medtronic's quarterly profit surged to $953 million, or $0.93 per share, from $864 million, or $0.83 per share, in the year-ago period. Excluding one-time items, its adjusted earnings rose to $0.88 from $0.85 per share. Its revenue rose 1.9% to $4.08 billion. However, analysts were projecting earnings of $0.88 per share on revenue of $4.11 billion. Medtronic's operating margin widened to 28.2% from 27.1%. Medtronic shares closed at $54.10 yesterday.