Covidien (NYSE:COV) Fiscal First Quarter Earnings Tumbles but Beats Wall Street Guidance

Covidien plc (NYSE:COV) reported on Friday that fiscal Q1 earnings plunged as a boost in outlays and higher tax from medical gadget sales, however quarterly results of the Irish company still able to tops Wall Street forecasts.

The medical device maker made $493 million or $1.03 a share in earnings during quarter that finished Dec 28, compared with $494 million or $1.02 a share in the similar period previous year, when the corporation had more shares outstanding.

The company announced adjusted earnings totaled $1.10 a share without revamping charges and other expenses. Revenue surged 5.4% to $3.06 billion from $2.9 billion in previous year.

FactSet poll confirms that analysts on average forecasted earnings of $1.06 a share on revenue of $3 billion.

Shifting reader’s focus to broader market, let us consider market performance of other stocks that significantly affect same sector. Teleflex Incorporated (NYSE:TFX) rose +0.40% to settle at $75.00, Masimo Corporation (NASDAQ:MASI) moved up +0.05% to end at $21.16 while Becton, Dickinson and Co. (NYSE:BDX) jumped +0.92% to finish at $84.59 on Friday.

Covidien plc (NYSE:COV) last session’s volume of 5.18 million shares was higher than its average volume of 2.01 million shares. The stock after opening at $63.37 hit high price of $63.89 and then closed at $62.28 by scoring +0.99%.

COV generated revenue of $11.85 billion in the previous twelve months and earned $1.90 billion. The Company showed a positive 16.05% in the net profit margin as well as in its operating margin which remained at 20.29%. Company’s annual sales growth for the past five years was 4.93%.

The COV’s past twelve months’ price to sales ratio was 2.49 and price to cash ratio remained 15.80. As far as the returns are concerned, COV’s return on equity was recorded as 18.66% and return on investment increased 10.19% while its return on asset stayed at 8.92%.

The stock showed weekly upbeat performance of 3.32% which was maintained for the month at 8.92%. Likewise the positive performance for the quarter was recorded as 11.08% and for the year was 30.21% while the YTD performance remained at 7.86%.

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