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Covidien plc. Ordinary Shares ( Message Board

  • pooltimejacky pooltimejacky Apr 27, 2012 6:44 AM Flag

    ANOTHER EARNINGS BEAT

    Covidien Plc (COV) posted higher second-quarter net income to $497 million or $1.02 per share compared with $455 million or $0.91 per share last year. Adjusted earnings, excluding specified items, were $1.05, a 13% increase from $0.93 in the prior-year quarter. On average, 18 analysts polled by Thomson Reuters expected earnings per share of $1.03 for the quarter. Analysts' estimates typically exclude one-time items.

    Quarterly net sales of $2.95 billion advanced 5% from the $2.80 billion reported in the second quarter of a year ago, whereas 15 analysts estimated revenues of $2.90 billion for the quarter. Foreign exchange rate movement lowered the quarterly sales growth rate by one percentage point, the company added.

    "Our second-quarter performance was paced by good top-line growth, improvements in gross and operating margin and a double-digit increase in earnings per share," said José Almeida, Chairman, President and CEO. "Once again, our largest business segment, Medical Devices, drove our strong performance, with broad-based growth that was led by double-digit advances in Energy and Vascular products," concluded Almeida.

 
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