UPDATE: Covidien Raises FY13 Sales-Growth Forecast
Covidien PLC (NYSE: COV) reported a 0.2% drop in its fiscal first-quarter profit and lifted raised its FY13 sales forecast.
Covidien now expects a 5% to 8% rise in its FY13 sales, versus its September view of 3% to 6% sales growth.
Covidien's quarterly profit fell to $493 million, or $1.03 per share, versus $494 million, or $1.02 per share, in the year-ago period. Excluding one-time items, its adjusted earnings declined to $1.10 per share, versus $1.13 per share.
Its sales gained 5.5% to $3.06 billion. However, analysts were expecting earnings of $1.06 per share on revenue of $3 billion.
Its gross margin declined to 57.5% from 58.7%
Covidien shares closed at $61.67 yesterday.
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