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Medtronic expects $250M blow in fiscal Q2 earnings due to Hurricane Maria

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Medtronic expects $250M blow in fiscal Q2 earnings due to Hurricane Maria

Medtronic plc is expecting an impact of up to $250 million on both its revenue and non-GAAP net earnings in the second quarter of fiscal 2018 due to Hurricane Maria.

Excluding the expected impact of the hurricane on Puerto Rico, the company reaffirmed its fiscal 2018 second quarter and full year guidance. Medtronic is anticipating non-GAAP EPS growth to be in the range of 9% to 10% on a constant-currency basis in fiscal year 2018.

All four of the Ireland-based company's business groups have some level of manufacturing across four locations on the hurricane-stricken island.

Medtronic said its manufacturing facilities on the island have sustained some damage but are being repaired. All of the company's sites are partially operating.

Further, the company said it has verified the well-being of over 90% of its employees and contractor base in Puerto Rico and is providing employees and their families with supplies and other necessities.