UPDATE: Covidien Raises FY13 Sales-Growth Forecast

Covidien PLC 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.