Abbott Laboratories profit beats reduced expectations

Abbott Laboratories, the largest maker of heart stents and nutritional drinks, reported first-quarter profit that beat reduced expectations of analysts, as diagnostic and eye care products turned in higher sales.

Profit benefited from lower-than-expected research and development costs and other spending in the quarter, said chief executive Miles White.

He said he is more interested in deals now, after spending the past year disentangling Abbott from AbbVie after the January 1st, 2013 split of the company.

Revenue fell to $5.2 billion from $5.38 billion a year earlier, hurt by unfavourable foreign exchange rates for the company.

A recall of infant formula in Asia last year, and the shutdown of a plant in the generic drug business, crimped the company’s two largest units. – ( Bloomberg )