Healthcare products maker Covidien plc (COV) on Friday said both its profit and revenue declined in its fiscal fourth quarter, although results were still enough to beat out analysts’ expectations.
The Dublin, Ireland-based company reported fiscal fourth quarter net income of $461 million, or 95 cents per share, compared with $451 million, or 92 cents per share, in the year-ago period. Excluding special items, adjusted profit was $1.02 per share.
Revenue fell 2.5% from last year to $3 billion.
On average, Wall Street analysts expected a smaller profit of $1.00 per share, on lower revenue of $2.98 billion.
Covidien shares rose 94 cents, or +1.8%, in premarket trading Friday. The stock has climbed about 18.5% since the beginning of 2012.
The Bottom Line
Shares of Covidien plc (COV) have a 1.95% dividend yield, based on last night’s closing stock price of $53.36. The stock has technical support in the $48-$51 price area. If the shares can firm up, we see overhead resistance around the $55-$57 price levels.
Covidien plc (COV) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.