NEW YORK (TheStreet) -- Covidien (COV) shares are up 1.4% to $93.34 in early market trading on Wednesday after the healthcare products manufacturer reported its fourth quarter earnings before the opening bell today.
For the quarter, the company reported earnings of $1.15 per diluted share on a non-GAAP adjusted basis, 13 cents better than the $1.02 analysts were expecting the company to earn during the period.
Revenue for the quarter, driven by a 7% increase in medical device sales, rose 6.8% over the previous year's third quarter to $2.73 billion, ahead of analysts' $2.69 billion estimates.
TheStreet Ratings team rates COVIDIEN PLC as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:
"We rate COVIDIEN PLC (COV) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, solid stock price performance, reasonable valuation levels, expanding profit margins and largely solid financial position with reasonable debt levels by most measures. We feel these strengths outweigh the fact that the company has had sub par growth in net income."