Covidien profit tops estimates

Investor's Business Daily

The Ireland-based medical device maker's fiscal Q1 EPS fell 2.7% to $1.10 on higher expenses that offset sales gains, beating estimates by 4 cents. Expenses rose 4% to $941 mil. Sales grew 5.5% to $3.06 bil, above estimates for $3 bil. It said sales growth was helped by gains in areas such as stapling and sutures. Covidien (COV) shares closed 61 cents higher to 62.28 after hitting a 52-week high early Fri.

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