Abbott Laboratories (NYSE:ABT) stock as down today despite reporting an earnings beat for the first quarter of 2018.
Abbott Laboratories reported earnings per share of 59 cents for the first quarter of the year. This is an increase over its earnings per share of 48 cents from the same time last year. It also beat out Wall Street’s earnings per share estimate of 58 cents for the period.
Net income reported by Abbott Laboratories in the first quarter of 2018 came in at $418 million. This is down from the health care company’s net income of $419 million that was reported in the first quarter of 2017.
During the first quarter of the year, Abbott Laboratories reported operating income of $608 million. This is better than the operating loss of $242 million that was reported in the same period of the year prior.
Revenue reported by Abbott Laboratories for the first quarter of 2018 was $7.39 billion. The company’s revenue from the same quarter of the previous year was $6.34 billion. Analysts were looking for ABT to report revenue of $7.29 billion for the first quarter of the year.
While revenue was up for the first quarter of 2018, there was one section that didn’t do as well as expected. This was Abbott Laboratories’ Established Pharmaceuticals division. These sales came in at 1.04 billion. This is close to 4% below what analysts were expecting for the quarter.
Abbott Laboratories’s recent earnings report also includes its outlook for the full year of 2018. The company says that it expects earnings per share for the year to range from $2.80 to $2.90. Wall Street is estimating earnings per share of $2.86 from ABT for the full year of 2018.
ABT stock was down 1% as of noon Wednesday.
As of this writing, William White did not hold a position in any of the aforementioned securities.