Covidien (COV) Beats EPS Estimates by a Penny

NEW YORK (TheStreet) -- Covidien (COV) stock is slipping on Friday, despite better-than-expected second-quarter results on its bottom line. 

Over the three months to March, the medical supplies distributor earned 96 cents a share, excluding one-time charges, a penny higher than analysts surveyed by Thomson Reuters forecast. 

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Unadjusted net income of 97 cents a share was 5 cents higher than a year earlier and beat estimates by 2 cents. 

Revenue climbed 2.4% year over year to $2.59 billion. Analysts had expected $2.61 billion. 

Management reiterated full-year guidance of 2% to 5% revenue growth, assuming a range of $10.44 billion to $10.75 billion. Analysts expect 4.1% growth or total revenue of $10.65 billion. 

By late afternoon, shares were down 2.6% to $69.10.

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