Abbott Tops Q1 Expectations

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Abbott LaboratoriesABT
reported stronger-than-expected earnings for the first quarter on Wednesday. The Abbott Park, Illinois-based company reported quarterly net earnings from continuing operations of $529 million, or $0.35 per share, versus a year-ago profit of $224 million, or $0.14 per share. Excluding items, the company's adjusted earnings from continuing operations came in at $0.47 per share. Its revenue gained 3 percent to $4.9 billion. However, analysts were projecting earnings of $0.42 per share on revenue of $4.85 billion. Revenue in the company's nutrition division rose 2.3 percent to $1.66 billion, while diagnostics sales slipped 2.1 percent. Established pharmaceuticals sales jumped 31.8 percent, while medical devices sales dropped 6.6 percent. International sales climbed 3.5 percent, while emerging market sales rose 13.0 percent in the first quarter. The average estimate among 19 Estimize users was for earnings of $0.43 per share and revenue of $4.89 billion. "We're off to a good start this year, with particularly strong performance in our branded generics, international nutrition and global diagnostics businesses," said Miles D. White, chairman and chief executive officer, Abbott. The company reaffirmed its outlook for the full year. Abbott shares gained 2.31 percent to $48.21 at 10:40 a.m. ET.
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Posted In: EarningsNewsprofit
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