Pharmaceutical giant Pfizer Inc. (
) on Tuesday said its third quarter profit slipped 70% from last
year on one-time charges, but adjusted profits beat analyst
The New York-based company reported third quarter net income of
$866 million, or 11 cents per share, compared with $2.88 billion,
or 43 cents per share, in the year-ago period. Excluding one-time
items, adjusted profit was 54 cents per share.
Revenue jumped 39% from last year to $16.17 billion, aided
mainly by the company's recent acquisition of rival pharma giant
On average, Wall Street analysts expected a smaller adjusted
profit of 51 cents per share, albeit on higher revenue of $16.68
Looking ahead, the company boosted its full-year 2010 earnings
forecast to a range of $2.17 to $2.22 per share, up from a prior
estimate of $2.10 to $2.20. Analysts currently expect $2.22 per
share for the year.
Pfizer shares were mostly flat in premarket trading Tuesday.
The Bottom Line
Shares of PFE have a 4.09% dividend yield, based on last night's
closing stock price of $17.62. The stock has technical support in
the $15-$17 price area. If the shares can firm up, we see overhead
resistance around the $19-$20 price levels. We would remain on the
sidelines for now.
Pfizer Inc. (
) is not recommended at this time, holding a Dividend.com DARS™
Rating of 3.4 out of 5 stars.
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