Covidien’s Q2 Earnings Rise; Adjusted Net Beats View (COV)

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Healthcare products maker Covidien plc ( COV ) on Friday posted an uptick in fiscal second quarter earnings, as adjusted results exceeded Wall Street's expectations.

The Dublin, Ireland-based company reported fiscal second quarter net income of $497 million, or $1.02 per share, compared with $455 million, or 91 cents per share, in the year-ago period. Excluding one-time items, adjusted profit was $1.05 per share.

Revenue rose 5% from last year to $2.95 billion.

On average, Wall Street analysts expected a smaller profit of $1.03 per share, on slightly lower revenue of $2.9 billion.

Covidien shares were inactive in premarket trading Friday.

The Bottom Line
Shares of Covidien plc ( COV ) have a 1.64% dividend yield, based on last night's closing stock price of $55.04. The stock has technical support in the $50-$52 price area. If the stock can firm up, we see overhead resistance around the all-time high levels of $56-$58 a share.

Covidien plc ( COV ) is not recommended at this time, holding a DARS™ Rating of 3.3 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Stocks

Referenced Stocks: COV

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