Drugmaker Pfizer Inc. ( PFE ) on Tuesday posted a 5% gain in second quarter profits despite a drop in revenue, beating analyst expectations.
The New York-based company reported second quarter net income of $2.61 billion, or 33 cents per share, compared with $2.48 billion, or 31 cents per share, in the year-ago period. Excluding one-time items, adjusted profit was 60 cents per share.
Revenue fell 1% from last year to $16.98 billion.
On average, Wall Street analysts expected a smaller profit of 59 cents per share, albeit on higher revenue of $17.02 billion.
Looking ahead, the company maintained its full-year profit outlook for $2.16 to $2.26 per share on an adjusted basis, while analysts expected $2.25 per share for the year.
Pfizer shares fell 16 cents, or -0.8%, in premarket trading Tuesday.
The Bottom Line
We have been recommending shares of Pfizer ( PFE ) since Mar.17, 2011, when the stock was trading at $19.30. The company has a 4.21% dividend yield, based on last night's closing stock price of $19.01.
Pfizer Inc. ( PFE ) is a "Recommended" dividend stock, holding a Dividend.com DARS™ Rating of 3.6 out of 5 stars.
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