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Abbott Labs Earnings: ABT Stock Jumps on Q1 Beats

Abbott pulled its fiscal 2020 guidance due to coronavirus concerns

Abbott Labs (NYSE:ABT) earnings for the first quarter of 2020 have ABT stock heading higher on Thursday. That’s thanks to its earnings per share (EPS) of 65 cents beating Wall Street’s estimate of 58 cents. Also, the company’s revenue of $7.73 billion does come in above analysts’ estimates of $7.34 billion.

Abbott Labs Earnings: ABT Stock Jumps on Q1 Beats
Source: testing / Shutterstock.com

Now, let’s take a closer look at the most recent Abbott Labs earnings report.

  • Per-share earnings for the quarter are up 3.17% from 63 cents during the same time last year.
  • Revenue is sitting 2.5% higher than the $7.54 billion from the first quarter of 2019.
  • Operating income of $758 million is 2.6% higher year-over-year than $739 million.
  • The Abbott Labs earnings report also has it bringing in a net income of $564 million.
  • That’s a 16.07% decrease compared to its net income of $672 million from the same period of the year prior.

Robert B. Ford, president and chief executive officer of Abbot Labs, said this about the ABT stock earnings:

“First and foremost, I want to thank our employees, our customers, and our suppliers for their extraordinary efforts to maintain supply of our critically important products to the people who need them, around the world. It’s an unprecedented time and our colleagues are rising to it in unprecedented ways.”

The company has pulled its fiscal 2020 guidance due to concerns over the novel coronavirus. That said, Wall Street’s estimates for 2020 include EPS of $2.81 on revenue of $30.63 billion

ABT stock was up 5.87% as of Thursday afternoon.

Nick Clarkson is a web editor at InvestorPlace. As of this writing, he did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2020/04/abbott-labs-earnings-abt-stock-jumps-on-q1-beats/.

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