Covidien Tops Estimates as Sales Rise 3%
DUBLIN (
) --
Covidien
(COV)
, a health care products company, said its fiscal fourth-quarter earnings rose led by performance at its medical devices segment, the company's largest segment.
Net income was $443 million, or 89 cents a share, vs. year-earlier earnings of $56 million, or 11 cents a share.
Sales rose 3% to $2.67 billion.
Adjusted earnings, excluding items, were 84 cents a share in the fourth quarter, compared with 71 cents a share a year earlier. Analysts surveyed by Thomson Reuters expected Covidien to earn 74 cents a share.
"We finished fiscal 2010 by again delivering improvement in our quarterly gross and operating margins, combined with double-digit earnings growth," said Richard Meelia, chairman and CEO, in a statement Tuesday. "This solid performance was led by our largest business segment, medical devices, which posted another good quarter paced by strong gains in vascular, oximetry and monitoring, and energy products."
-- Written by Joseph Woelfel
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