Covidien PLC said Thursday its profit rose 10 percent in the fiscal second quarter as acquisitions boosted its sales of medical devices, some of which are made in North Haven, The Associated Press reports.
The results surpassed Wall Street expectations. Covidien, which made deals for heart device maker ev3 and diagnostic equipment maker Somanetics in 2010, said its medical device revenue climbed 16 percent.
It also raised its annual revenue forecast, citing weakness in the dollar that will increase its overseas revenue.
Covidien reported net income of $455 million, or 91 cents per share, in the three months that ended March 25. A year earlier it earned $413 million, or 82 cents per share.
Earnings totaled 93 cents per share excluding one-time costs and gains. Revenue grew 10 percent to $2.8 billion.
Analysts expected a profit of 89 cents per share and $2.75 billion in revenue, according to estimates compiled by FactSet in Norwalk.
The company, based in Dublin, said its medical device revenue rose to $1.88 billion on better sales of surgical stapling and suture products, and oxygen sensors acquired in the Somanetics deal.
