By Dave Sebastian
Medtronic PLC said its profit and sales for the fiscal fourth quarter fell as medical procedures were delayed due to the Covid-19 pandemic.
The medical-technology company on Thursday posted net income of $646 million, or 48 cents a share, compared with $1.17 billion, or 87 cents a share, in the comparable quarter last year.
Adjusted earnings were 58 cents a share, below the 96 cents a share analysts polled by FactSet had expected.
Revenue fell 26% to $6 billion from the year-ago period. Analysts were looking for $6.93 billion.
The company also raised its dividend to 58 cents a share for the first quarter. That translates into $2.32 a share per year, up from $2.16.
Medtronic said it isn't providing financial guidance due to the pandemic.
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