(Reuters) – Medical device maker Medtronic PLC missed fourth-quarter profit estimates on Thursday as it took a hit from delays in elective surgeries due to the COVID-19 pandemic.
The company did not give a forecast for full-year 2021 citing uncertainties surrounding the coronavirus outbreak, but said it had ample liquidity and the board had approved a quarterly dividend of 58 cents, a 7% increase.
The company in April had warned that it was seeing a plunge in revenues across the world as hospitals, which use its medical devices, put off elective procedures to save capacity to treat COVID-19 patients.
Revenues fell 26.4% to $6 billion in the quarter, falling short of analysts’ estimates of $6.17 billion.
Net income attributable to the company fell to $646 million, or 48 cents per share, in the quarter ended April 24, from $1.17 billion, or 87 cents per share, a year earlier.
Excluding items, Medtronic earned 58 cents per share, missing analysts’ expectations of 68 cents per share, according to Refinitiv IBES data.
Shares of the Dublin-based company fell 1.1% to $97 before the bell in light volumes.
(Reporting by Trisha Roy and Manas Mishra in Bengaluru; Editing by Amy Caren Daniel)