Covidien Reports Better-Than-Expected FQ2 Earnings, Raises Sales Guidance

Covidien PLC COV reported upbeat earnings for the fiscal second-quarter. COV reported its FQ2 net income at $455 million, or $0.91 per share, up from $413 million, or $0.83 per share, in the year-ago quarter. The company's adjusted earnings came in at $0.93 per share. COV's net sales increased 9.8% to $2.8 billion. However, analysts were expecting earnings of $0.89 per share. COV now projects full-year 2011 net sales growth of 8% to 11%, versus its prior forecast of 6% to 9%. COV shares gained 0.62% to close at $53.87 yesterday. Read more from Benzinga's Company news.