UPDATE: Covidien Posts Better-Than-Expected Q1 Earnings

reported upbeat earnings for the fiscal first quarter. The Dublin, Ireland-based company posted quarterly earnings of $511 million, or $1.12 per share, compared to $398 million, or $0.87 per share, in the year-ago period. Excluding one-time items, the company earned $1.11 per share. Its revenue rose 2% to $2.69 billion, while operational sales growth was 6%. However, analysts were estimating earnings of $1.05 per share on revenue of $2.72 billion. Sales for its Medical Devices segment gained 1% to $2.28 billion from $2.25 billion. “We continued to perform strongly during the quarter, driven by considerable growth in Surgical Solutions, our largest product category, as well as important new offerings and a sustained focus on productivity improvement,” said José E. Almeida, chairman, president and CEO, Covidien. “We expect to maintain this solid performance as we continue to invest in and execute our global strategy.” Covidien shares rose 2.14% to $104.64 at 9:32 a.m. ET.