Covidien Q4 Profit Falls; FY14 Guidance Unchanged - Quick Facts

(RTTNews) - Irish healthcare products company Covidien plc (COV) posted lower net income of $372 million, or $0.80 per share in the fourth quarter, compared with the year-ago period's $461 million, or $0.95 per share. On a continuing operations basis, GAAP earnings per share were $0.79 in the quarter, down compared with $0.83 per share last year.

However, fourth-quarter 2013 adjusted earnings per share from continuing operations, excluding items, totaled $0.91, versus $0.86 a year ago, a 6% growth despite unfavorable foreign exchange, the medical device tax and incremental investments in emerging markets. On average, 19 analysts polled by Thomson Reuters expected earnings per share of $0.90 for the quarter. Analysts' estimates typically exclude one-time items.

Quarterly net sales of $2.56 billion rose 2% from the prior year's $2.50 billion. Foreign exchange rate movement lowered the quarterly sales growth rate by three percentage points. Fifteen analysts estimated revenues of $2.56 billion for the quarter.

Further, the company said its fiscal 2014 guidance issued at the investor day in September remains unchanged.