ABBOTT PARK, Ill. (AP) — ABBOTT PARK, Ill. (AP) — Abbott Laboratories (ABT) on Wednesday reported first-quarter net income of $1.32 billion.
The Abbott Park, Illinois-based company said it had net income of 75 cents per share. Earnings, adjusted for one-time gains and costs, were $1.03 per share.
The results surpassed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 98 cents per share.
The maker of infant formula, medical devices and drugs posted revenue of $9.75 billion in the period, also topping Street forecasts. Seven analysts surveyed by Zacks expected $9.64 billion.
Abbott expects full-year earnings in the range of $4.30 to $4.50 per share.
Abbott shares have decreased 5% since the beginning of the year, while the S&P's 500 index has risen 8%. The stock has decreased 10% in the last 12 months.