ABBOTT PARK, Ill. (AP) — ABBOTT PARK, Ill. (AP) — Abbott Laboratories (ABT) on Wednesday reported first-quarter profit of $1.23 billion.
The Abbott Park, Illinois-based company said it had net income of 70 cents per share. Earnings, adjusted for one-time gains and costs, were 98 cents per share.
The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 96 cents per share.
The maker of infant formula, medical devices and drugs posted revenue of $9.96 billion in the period, also beating Street forecasts. Six analysts surveyed by Zacks expected $9.85 billion.
Abbott expects full-year earnings in the range of $4.55 to $4.70 per share.
Abbott shares have decreased roughly 1% since the beginning of the year, while the S&P's 500 index has risen 6%. The stock has climbed 4.5% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ABT at https://www.zacks.com/ap/ABT