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UPDATE: Covidien FQ4 Net Profit Rises 2.2%

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Covidien PLC (NYSE: COV) reported a 2.2% rise in its fiscal fourth-quarter net income.

Covidien's quarterly earnings climbed to $461 million, or $0.95 per share, from $451 million, or $0.92 per share, in the year-ago period. Its adjusted earnings from continuing operations came in at $1.02 per share.

Its sales declined to $3 billion from $3.08 billion. However, analysts were expecting a profit of $1 per share on revenue of $2.98 billion.

Covidien shares closed at $53.36 yesterday.

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