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.