Abbott profit beats earnings forecasts
Strong demand for nutritional products offset lower sales of medical devices, generic drugs
Abbott’s second-quarter earnings were better than expected amid strong demand for nutritional products.
Abbott Laboratories reported better-than-expected second-quarter earnings today as strong demand for nutritional products offset lower sales of medical devices and generic prescription drugs.
Despite the earnings beat, Abbott left its full-year profit forecast unchanged at $1.98 to $2.04 per share.
The company, which in January spun off its branded prescription drugs business into a new company called AbbVie Inc , earned $476 million, or 30 cents per share, from continuing operations, compared with $411 million, or 26 cents per share, a year earlier.
Excluding special items, it earned 46 cents per share. Analysts, on average, expected 44 cents, according to Thomson Reuters.
Revenue rose 2.5 per cent to $5.45 billion, slightly below Wall Street expectations for $5.52 billion.