The company noted operating margin rate should be roughly where it was in Q1 for Q2, and the company expects to see low- to mid-single digit revenue growth and operating income margin around 6% for the year.
Medtronic issued lackluster guidance for the new fiscal year, anticipating 4%-5% growth of organic revenue and essentially flat adjusted earnings-per-share of $5.53-$5.65.
Net sales growth reflected higher shipments across all reporting segments, while organic sales rose 2%. The company noted the three-year average growth rate for net sales was up 5%, but this period encompasses the surge in revenue from COVID.
The trust invests in west coast multifamily residential proprieties where it engages in development, redevelopment, management and acquisition of apartment communities and a few other select properties.