Pharma giant Pfizer Inc. (
) said Tuesday that its first quarter profit fell 26% from last
year, but adjusted results beat expectations, aided by last year's
acquisition of fellow drugmaker Wyeth.
The New York-based company reported first quarter net income of
$2.03 billion, or 25 cents per share, compared with $2.73 billion,
or 40 cents per share, in the year-ago period. Excluding one-time
items, however, adjusted profit jumped to 60 cents per share.
Revenue surged 54% from last year to $16.8 billion, aided
substantially by the company's Wyeth acquisition.
On average, Wall Street analysts expected a smaller adjusted
profit of 53 cents per share, on lower revenue of $16.6
Looking ahead, the company forecast 2010 adjusted earnings to
range from $2.10 to $2.20 per share, while analysts expect
Pfizer shares rose 30 cents, or +1.8%, in premarket trading
The Bottom Line
We have been recommending shares of PFE since Dec.10, when the
stock was trading at $18.24. The company has a 4.26% dividend
yield, based on last night's closing stock price of $16.91.
Pfizer Inc. (
) is a "recommended" dividend stock, holding a Dividend.com DARS™
Rating of 3.5 out of 5 stars.
Be sure to visit our complete recommended list of the
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, as well as a detailed explanation of
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