Covidien Beats Estimates With $427 Million Profit (COV)

Dublin, Ireland-based Covidien plc COV announced on Tuesday morning that it beat consensus Wall Street estimates. Covidien plc reported that its 1st quarter net income rose 15.6% to $427 million, or 86 cents per share, up from $412 million, or 82 cents per share, a year earlier. Excluding special items, the company's earnings came in at 95 cents per share. Covidien plc reported revenue of $2.77 billion, up 5% from $2.64 billion a year earlier. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 81 cents per share, on revenue of $2.73 billion. Covidien plc (COV) closed the previous trading day at $47.47 per share. Analysts covering the company's stock give it a consensus price target of $52.83 per share. Covidien plc is a leading global healthcare products company that creates medical solutions for better patient outcomes and delivers value through clinical leadership and excellence. The company manufactures, distributes and services a diverse range of industry-leading product lines in three segments: Medical Devices, Pharmaceuticals and Medical Supplies. Read more from Benzinga's Company news.