Abbott stock experienced fluctuations on Wednesday after the healthcare company reported an adjusted income of 98 cents per share on $10 billion in sales for the first quarter. This surpassed analysts’ estimates of earnings of 95 cents per share and $9.88 billion in sales, according to FactSet.
During the same period last year, Abbott Laboratories (ABT) had earned $1.03 per share and reported $9.75 billion in sales. Looking ahead, Abbott narrowed its earnings guidance range for the year to between $4.55 and $4.70. Analysts expect earnings per share of $4.62 for the full year, but the company’s second-quarter guidance fell slightly short of expectations, with a range of $1.08 to $1.12 while consensus views anticipate $1.12.
In premarket trading on Wednesday, Abbott’s stock initially rose by more than 2%, but then declined to a 0.7% loss before closing at a flat base with a buy point at 121.64 as indicated by MarketSurge.com’s analysis of the stock market trends and patterns.
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Overall, the report shows that Abbott has performed better than expected in terms of earnings during Q1 2023 despite slight variations in their guidance range for Q2 compared to analyst expectations.