Medtronic 2Q profit falls 35 percent on costs

MINNEAPOLIS (AP) — Medtronic’s fiscal second-quarter profit fell 35 percent as legal and other costs outpaced weak gains in medical device sales, but adjusted results met Wall Street expectations.

The medical device maker, based in Minneapolis, says profit fell to $566 million, or 52 cents per share, from $868 million, or 78 cents per share, during the same period a year ago. Revenue rose less than 2 percent to $3.9 billion from $3.84 billion.

The rise in sales was not enough to offset a 16 percent boost in expenses, driven by legal costs.

Excluding charges, Medtronic Inc. said it earned 82 cents per share. Analysts polled by Thomson Reuters expect earnings per share of 81 cents on revenue of $3.9 billion.

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PC maker Lenovo’s quarterly profit up 45 percent

BEIJING (AP) — Lenovo Group, the world’s fourth-largest personal computer maker, said Wednesday its latest quarterly profit rose 45 percent on strong sales in China and other emerging markets.

Profit for the three months ended Sept. 30 was $77 million, or 81 cents per share, up from $53 million a year earlier, the company announced. Global sales rose 41 percent over a year earlier to $5.8 billion.

“We had another quarter of solid growth across all geographies,” said chief financial office Wong Wai Ming in a conference call with reporters.

Sales in Lenovo’s home China market rose 32 percent over a year earlier to $2.6 billion, accounting for 46 percent of global revenues. It said market share in China rose 2.3 percentage points to 28.8 percent.

In other emerging markets, PC shipments rose 185 percent in Russia over a year earlier, 68 percent in Latin America and 60 percent in India, according to Lenovo, which has headquarters in Beijing and in Research Triangle Park, North Carolina.

Sales in the United States and other developed markets also began to recover as spending by corporate customers picked up. Lenovo said its global market share rose 1.9 point to 10.4 percent.

“We have good momentum to keep growing, especially outside China,” said CEO Yang Yuanqing.

Lenovo acquired IBM Corp.’s PC unit in 2005 and expanded into wireless computing this year, launching its Lephone smart phone and two Web-linked portable computers.

Lenovo said its mobile unit had sales of $217 million in its first full quarter of operations. The company has announced plans with two Chinese state-owned phone carriers, China Telecom Ltd. and China Unicom Ltd., and with South Korea’s SK Telecom to distribute smart phones.

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Lenovo Group: www.lenovo.com

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Humana’s 3rd-quarter earnings rise 30 percent

NEW YORK (AP) — Humana Inc.’s third-quarter net income climbed 30 percent partly on higher than expected medicals claims as Medicare Advantage enrollment rose.

The health insurer also boosted its full-year earnings guidance on Monday.

Humana is the second largest provider of Medicare Advantage plans, trailing only UnitedHealth Group Inc.

Humana earned $393.2 million, or $2.32 per share, for the three months ended Sept. 30. That’s up from $301.5 million, or $1.78 per share, a year earlier.

Revenue rose 9 percent to $8.42 billion.

Analyst forecast earnings of $1.66 per share on revenue of $8.46 billion.

Humana now expects 2010 earnings between $6.40 and $6.50 per share. Analysts predict $6.42 per share.

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