UPDATE: Covidien Reports 47% Increase In FQ3 Net Profit

Covidien PLC COV reported a 47% rise in its FQ3 net profit. Covidien's quarterly net profit surged to $535 million, or $1.07 per share, from $364 million, or $0.72 per share, in the year-ago period. Its revenue climbed 14% to $2.93 billion. Covidien's adjusted earnings per share gained to $1.01 from $0.85 per share. Analysts were expecting earnings of $0.95 per share on revenue of $2.86 billion. Covidien shares gained 0.28% to $50.39 in after-hours trading.