Abbott Labs Earnings: A Mixed Report
Abbott Laboratories (NYSE: ABT) reported first-quarter 2013 results before markets opened this morning. The drugmaker reported adjusted diluted earnings per share (EPS) of $0.42 on revenues of $5.38 billion. In the same period last year, Abbott reported EPS of $0.40 on revenues of $5.28 billion. First-quarter results also compare to the Thomson Reuters consensus estimates for EPS of $0.41 EPS and $5.42 billion in revenues.
On a GAAP basis, Abbott posted EPS of $0.34.
On the revenue side, Abbott said that excluding the effects of currency exchange rates, the company's revenues rose by 3.5%. Including exchange rate effects, revenues rose by just 1.8%. U.S. sales fell by 3.3% and sales in the medical devices group fell by 12.7%. Sales gains in the nutrition and diagnostics segments totaled 2.1% and 2.9%, respectively.
The company's CEO said:
Strong performance in Nutrition and Diagnostics, as well as overall results in emerging markets, led our sales growth this quarter. We had significant new product and geographic expansion activity during the quarter that positions Abbott well for continued growth.
Abbott confirmed its full-year adjusted EPS guidance of $1.98 to $2.04, in line with the consensus estimate of $2.01. GAAP EPS is expected to total $1.39 to $1.45 due to items including intangible amortization expenses and cost reduction expenses. For the second quarter, Abbott expects to post adjusted EPS of $0.43 to $0.45, which does not include $0.16 in one-time items.
Shares of Abbott are trading down in the premarket this morning, at $35.80 in a 52-week range of $31.64 to $72.47. Thomson Reuters had a consensus analyst price target of around $37.90 before today's report.
Filed under: 24/7 Wall St. Wire, Drug companies, Earnings, Pharmaceuticals Tagged: ABT
