Covidien posts higher profit, trims sales forecast

17/11/2008 - 13:05

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CHICAGO (Reuters) - Covidien Ltd reported higher quarterly earnings Monday on strong sales of its medical devices, supplies and pharmaceuticals, but lowered its 2009 sales forecast due to the strengthening U.S. dollar.

Covidien, a leading maker of medical products, posted net profit of $409 million for the fiscal fourth quarter ended September 26, up from $34 million a year earlier.

Profit before special items was 73 cents per share, compared with 62 cents the year before.

Sales rose 12 percent to $2.6 billion.

Analysts on average were expecting earnings of 68 cents a share before special items on revenue of $2.54 billion, according to Reuters Estimates.

The Hamilton, Bermuda-based company said it expects sales in fiscal 2009 to be flat to up 3 percent. In September it had forecast a rise of 5 percent to 8 percent.

"Although reported results will most likely be negatively impacted by the recent strengthening of the U.S. dollar, we have a strong pipeline of new products, fueled by strategic investments in R&D, that will enhance our growth in the coming year and beyond," Covidien Chairman and Chief Executive Richard Meelia said in a statement.

(Reporting by Susan Kelly; editing by John Wallace)

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