Abbott Laboratories Reports Better-than-Expected Earnings, Narrows Guidance Range for 2021
Abbott Laboratories (ABT) reported better-than-expected earnings for the first quarter, with an adjusted income of 98 cents per share on $10 billion in sales. This surpassed analyst projections of 95 cents per share and $9.88 billion in sales, according to FactSet.
During the same period last year, Abbott had earned $1.03 per share and reported $9.75 billion in sales. Looking ahead, the company narrowed its earnings guidance range for the year to between $4.55 and $4.70. Analysts project earnings per share of $4.62 for the full year, while Abbott’s second-quarter guidance fell slightly short of expectations with a range of $1.08 to $1.12, which is below consensus views anticipating $1.12.
In premarket trading on the stock market, Abbott’s stock initially rose by more than 2%, but then declined to a 0.7% loss before rising again to close up 1%. Shares are currently forming a flat base with a buy point at 121.64 as indicated by MarketSurge.com, which provides updates on news articles such as this one by journalist Allison Gatlin (@IBD_AGatlin).
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