UPDATE: Medtronic FQ2 Profit Rises 40%

Medtronic MDT reported a 40% rise in its fiscal second-quarter earnings. Medtronic's quarterly profit surged to $902 million, or $0.89 per share, from a year-ago profit of $646 million, or $0.63 per share. Excluding one-time items, its adjusted earnings came in at $0.91 per share. Its revenue rose 2.4% to $4.19 billion. However, analysts were projecting earnings of $0.90 per share on revenue of $4.18 billion. Medtronic shares closed at $58.31 yesterday.