Covidien Plc reported quarterly profit Thursday, helped partly by strong sales in its medical devices segment, but the company cut its sales forecast to reflect the strengthening of the dollar.
For 2012, the maker of surgical products, drugs and medical supplies expects revenue to grow by 1 to 3 percent, compared with earlier forecast of 3 to 5 percent.
For the first quarter ended Dec. 30, 2011, the company reported a net income of $494 million, or $1.02 a share, compared with $427 million, or 87 cents a share, in the year-ago quarter.
Excluding items, it earned $1.13 a share. Revenue rose 5 percent to $2.90 billion.
Sales of medical devices rose 6 percent to $1.98 billion, while pharmaceutical sales increased 4 percent to $490 million.