Covidien Q4 Results Top View - Quick Facts

(RTTNews) - Medical device maker Covidien Ltd. (COV), which is in a deal to be bought by larger rival Medtronic, Inc. (MDT), Wednesday said fourth-quarter net income increased to $517 million from last year's $372 million. Earnings per share rose to $1.13 from $0.80.

Earnings per share from continuing operations rose to $1.13 from $0.79.

Adjusted earnings per share from continuing operations were $1.15, while it was $0.91 a year ago. On average, 19 analysts polled by Thomson Reuters expected earnings of $1.02 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales grew 7 percent to $2.73 billion from $2.56 billion in the fourth quarter of last year. Analysts expected revenues of $2.69 billion.

José Almeida, CEO, said, "We finished fiscal 2014 with an outstanding performance in the fourth quarter that greatly exceeded our expectations. Market share gains, strategic acquisitions, the successful launch of new products and productivity improvements all contributed to the achievement of double-digit earnings growth..."