Medical device company Medtronic Plc /zigman2/quotes/206816578/composite MDT +0.75% said Thursday it had net income of $646 million, or 48 cents a share, in its fiscal fourth quarter to April 24, down from $1.172 billion, or 87 cents a share, in the year-earlier period. Adjusted per-share earnings came to 58 cents, below the 96 cents FactSet consensus. Revenue fell 26% to $6.0 billion, below the $6.9 billion FactSet consensus. The numbers were in line with an update provided by the company on April 21, which detailed the impact of the coronavirus pandemic on operations and financials. "Medtronic's results were also consistent with the impact felt across the MedTech industry from deferred procedures as a result of the pandemic," the Dublin-based company said in a statement. "Medtronic is in a strong financial position, as represented by the increase in its cash dividend announced today, and the company continues to drive its long-term strategies." The company's board approved an increase in the quarterly dividend to 58 cents from 54 cents. It is not offering guidance because of the uncertainty created by the pandemic. Shares fell 1.1% premarket and are down 14% in the year to date, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.05% has fallen 8%.
An earlier version of this report had an incorrect adjusted EPS number. It has been corrected.