» Covidien Reports First-Quarter Results
Covidien Reports First-Quarter Results
DUBLIN - Saturday, January 26th 2013 [ME NewsWire]
Net sales up 5%; Medical Devices sales up 8%
First-quarter diluted GAAP earnings per share were $1.03; excluding specified items, adjusted diluted earnings per share were $1.10
Increasing fiscal 2013 net sales guidance in all segments
(BUSINESS WIRE)-- Covidienplc (NYSE: COV) today reported results for the first quarter of fiscal 2013 (October - December 2012). First-quarter net sales of $3.06 billion were 5% above the $2.90 billion reported in the comparable period a year ago. Foreign exchange rate movement lowered the quarterly sales growth rate by one percentage point.
First-quarter 2013 gross margin of 57.5% declined 1.2 percentage points from the 58.7% of the prior-year period. On an adjusted basis, excluding the specified items shown on the attached quarterly Non-GAAP reconciliations table, first-quarter 2013 gross margin of 57.5% was 1.3 percentage points below that of a year ago. The decline was largely due to unfavorable foreign exchange rate movement, partially offset by positive business mix and productivity improvements.
Selling, general and administrative expenses (SG&A) for the first quarter of 2013 were above those of the same period of the year before, reflecting expenses associated with recent acquisitions, as well as spending on growth initiatives, including investments to expand the Company’s presence in emerging markets. Research and development (R&D) expense in the first quarter of 2013 represented 4.9% of net sales, versus 5.0% of sales in the first quarter of 2012.
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