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Medtronic swings to loss on tax charge

Medtronic PLC MDT, +0.45% reported its third-quarter earnings Tuesday. Here's what you need to know:

EARNINGS: The medical-equipment company reported a net loss of $1.4 billion, or $1.03 a share, due to impacts from the U.S. tax law overhaul. On an adjusted basis, the company earned $1.17 a share, which is what analysts polled by Thomson Reuters had expected.

REVENUE: Revenue increased 1% to $7.4 billion, more than the $7.2 billion analysts had expected. Revenue in the U.S. decreased 5%, while revenue in emerging and developed markets outside of the U.S. increased 15% and 7%, respectively. When excluding the impact of currency swings and divestitures, total revenue increased 7%.

TAX CHARGE: The Minnesota-based company's quarterly results included a $2.2 billion charge related to the tax overhaul, primarily related to the transition tax.

GUIDANCE: The company expects comparable, constant currency revenue to increase by 4% to 5% in its 2018 fiscal year.

Write to Cara Lombardo at cara.lombardo@wsj.com


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