Covidien Beats by a Penny
Nov 8th 2013 12:25PM
Updated Nov 8th 2013 12:30PM
Medical device maker Covidien reported fourth-quarter results today before the markets opened, showing that it posted net sales of $2.56 billion, a 4% increase from the same period in the previous year, and right in-line with the $2.56 billion Capital IQ consensus estimate.
While adjusted net income came in at $419 million, or $0.91 per share, essentially unchanged from $413 million, or $0.86 per share, in the same period in 2012, it was a penny-per-share better than the CapIQ estimates of $0.90 per share.
Covidien says between the acquisitions it's made as well as strong growth in all major product lines, it had a solid quarter, but due to the strength of the dollar against foreign currencies the sales growth rate was cut by three percentage points.
The medical device maker reiterated its 2014 guidance of net sales growth between 2% and 5% with medical devices experiencing a similar growth rate but medical supplies coming in flat, but analysts anticipate the medical device maker will post earnings of $3.99 per share for the full year on revenues of $10.6 billion, or a 3.5% increase over estimated 2013 revenues.
The article Covidien Beats by a Penny originally appeared on Fool.com.Fool contributor Rich Duprey has no position in any stocks mentioned. The Motley Fool recommends Covidien. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.