Covidien plc (COV) reported that its first-quarter net income was $412 million or $0.82 per share, compared to $386 million or $0.76 per share in the same quarter last year. GAAP earnings per share from continuing operations were $0.82 in the first quarter, compared to $0.75 per share in the comparable quarter last year. First-quarter adjusted earnings per share, excluding the specified items, were $0.86, up 32% from $0.65 a year ago.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.75 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter were $2.75 billion up 7% from the $2.56 billion reported a year ago. Sixteen analysts had consensus revenue estimate of $2.64 billion for the quarter.
The Company continues to estimate that sales in fiscal 2010 will be up 6% to 9%, including foreign exchange at current rates and excluding Oxy ER sales from the 2009 base. Analysts expect the company to report revenues of $11.06 billion for fiscal 2010.
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