exceeded Wall Street expectations Thursday when it announced profits three percent greater than the same period a year ago, according to a report on NASDAQ.
The company posted net income of $588 million or $1.04 per share for the first quarter, higher than $570 million or $0.98 per share in the prior-year quarter. On average, 16 analysts polled by Thomson Reuters expected the company to report earnings of $1.00 per share for the first quarter.
Sales for the first quarter increased three percent to $3.39 billion from $3.28 billion in the same period of 2011, and surpassed expert analysts' consensus revenue estimate of $3.30 billion. Excluding the impact of foreign exchange, sales grew four percent.