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Covidien Profit Up On Device Sales

Covidien PLC said Tuesday its fiscal first-quarter profit climbed 4 percent on medical device sales.

NEW YORK (AP) -- Covidien PLC said Tuesday its fiscal first-quarter profit climbed 4 percent on medical device sales.

Covidien said its net income rose to $427 million, or 86 cents per share, in the quarter ended Dec. 24. That's up from $412 million, or 82 cents per share, a year earlier. Revenue rose 5 percent to $2.77 billion from $2.64 billion.

Excluding charges, the company said it earned 95 cents per share. Analysts polled by FactSet expected earnings of 81 cents per share on $2.73 billion in revenue.

The Dublin, Ireland, company said its medical device revenue rose 11 percent to $1.88 billion, aided by greater sales of endomechanical and soft tissue repair products. Pharmaceutical revenue slid 8 percent to $511 million because of declining U.S. sales. Medical supply revenue fell 5 percent to $470 million.

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