No surprises for medical industry giant Covidien, which reported its third-quarter earnings Thursday, the numbers remaining on track with Street estimates. The company reported third-quarter net sales of $2.56 billion, a 2-percent increase from the $2.52 billion reported this time last year and a third-quarter profit of $364 million, up 30 percent from last year.

The company's medical device unit boasted a 6-percent increase this quarter, $1.63 billion compared to $1.54 billion last year. The 5 percent operational growth can be attributed to new products and increased volume, the company said.

But Covidien's pharmaceuticals sales were down 6 percent, reporting $507 million this quarter compared to last year's $539 million. There was a significant decrease in generic product sales, the company said, due to increased competitive activity, which is driving lower pricing.
The company does not generally provide guidance for the fourth and final quarter.

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