Covidien (NYSE: COV) reported earnings on April 27. Here are the numbers you need to know.

The 10-second takeaway
For the quarter ended March 30 (Q2), Covidien beat slightly on revenues and beat slightly on earnings per share.

Compared with the prior-year quarter, revenue increased and GAAP earnings per share grew.

Gross margins expanded, operating margins shrank, net margins grew.

Revenue details
Covidien logged revenue of $2.95 billion. The 16 analysts polled by S&P Capital IQ expected to see revenue of $2.90 billion on the same basis. GAAP reported sales were 5.2% higher than the prior-year quarter's $2.80 billion.

Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
EPS came in at $1.05. The 19 earnings estimates compiled by S&P Capital IQ predicted $1.03 per share. GAAP EPS of $1.02 for Q2 were 12% higher than the prior-year quarter's $0.91 per share.

Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.

Margin details
For the quarter, gross margin was 57.9%, 60 basis points better than the prior-year quarter. Operating margin was 21.2%, 100 basis points worse than the prior-year quarter. Net margin was 16.9%, 70 basis points better than the prior-year quarter.

Looking ahead
Next quarter's average estimate for revenue is $3.01 billion. On the bottom line, the average EPS estimate is $1.06.

Next year's average estimate for revenue is $11.84 billion. The average EPS estimate is $4.29.

Investor sentiment

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Covidien is buy, with an average price target of $59.99.

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