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Covidien 4Q adj. profit, revenue beat Street

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The Associated Press | November 8, 2013 06:52 AM EST | AP


NEWS: Covidien's fiscal fourth-quarter net income fell 19 percent, pressured by a stronger dollar and some charges.

Companies with significant international operations can be hurt when the dollar rises against other currencies, as that eats into the value of sales generated outside the U.S.

Covidien's adjusted profit and revenue beat Wall Street's expectations.

DETAILS: The maker of medical devices, surgical supplies and other health care products said Friday that medical device sales climbed 3 percent, while sales of medical supplies dipped 1 percent.

NUMBERS: For the period ended Sept. 27, Covidien PLC earned $372 million, or 80 cents per share. That's down from $461 million, or 95 cents per share, a year ago.

Taking out restructuring charges, some income tax liability adjustments and other items, earnings from continuing operations were 91 cents per share.

Revenue increased 3 percent to $2.57 billion from $2.5 billion.

Analysts surveyed by FactSet expected adjusted earnings of 90 cents per share on revenue of $2.56 billion.

Full-year net income declined to $1.7 billion, or $3.61 per share, from $1.91 billion, or $3.92 per share, in the previous year.

Adjusted earnings from continuing operations were $3.72 per share.

Annual revenue rose 4 percent to $10.24 billion from $9.85 billion.

STOCK: The shares closed at $64.94 on Thursday. Year to date, the stock is up 13 percent.