AIRLINK 200.02 Increased By ▲ 6.46 (3.34%)
BOP 10.23 Increased By ▲ 0.28 (2.81%)
CNERGY 7.83 Decreased By ▼ -0.10 (-1.26%)
FCCL 40.00 Decreased By ▼ -0.65 (-1.6%)
FFL 16.80 Decreased By ▼ -0.06 (-0.36%)
FLYNG 26.50 Decreased By ▼ -1.25 (-4.5%)
HUBC 132.79 Increased By ▲ 0.21 (0.16%)
HUMNL 13.99 Increased By ▲ 0.10 (0.72%)
KEL 4.67 Increased By ▲ 0.07 (1.52%)
KOSM 6.57 Decreased By ▼ -0.05 (-0.76%)
MLCF 46.66 Decreased By ▼ -0.94 (-1.97%)
OGDC 211.89 Decreased By ▼ -2.02 (-0.94%)
PACE 6.89 Decreased By ▼ -0.04 (-0.58%)
PAEL 41.34 Increased By ▲ 0.10 (0.24%)
PIAHCLA 17.02 Decreased By ▼ -0.13 (-0.76%)
PIBTL 8.13 Decreased By ▼ -0.28 (-3.33%)
POWER 9.37 Decreased By ▼ -0.27 (-2.8%)
PPL 181.45 Decreased By ▼ -0.90 (-0.49%)
PRL 41.60 Decreased By ▼ -0.36 (-0.86%)
PTC 24.69 Decreased By ▼ -0.21 (-0.84%)
SEARL 112.25 Increased By ▲ 5.41 (5.06%)
SILK 1.00 Increased By ▲ 0.01 (1.01%)
SSGC 44.00 Increased By ▲ 3.90 (9.73%)
SYM 19.18 Increased By ▲ 1.71 (9.79%)
TELE 8.91 Increased By ▲ 0.07 (0.79%)
TPLP 12.90 Increased By ▲ 0.15 (1.18%)
TRG 67.40 Increased By ▲ 0.45 (0.67%)
WAVESAPP 11.45 Increased By ▲ 0.12 (1.06%)
WTL 1.78 Decreased By ▼ -0.01 (-0.56%)
YOUW 4.00 Decreased By ▼ -0.07 (-1.72%)
BR100 12,170 Increased By 125.6 (1.04%)
BR30 36,589 Increased By 8.6 (0.02%)
KSE100 114,880 Increased By 842.7 (0.74%)
KSE30 36,125 Increased By 330.6 (0.92%)

Abbott Laboratories' first-quarter profit and sales beat analysts' estimates on Wednesday but some investors were disappointed as the healthcare company maintained its full-year profit forecast. The company's shares were down about 2 percent in early trading.
"It's all about the expectations," Evercore ISI analyst Vijay Kumar said, adding that some investors may have been expecting the company to raise its full-year earnings forecast. The company reiterated its FY 2018 forecast of adjusted earnings from continuing operation between $2.80 to $2.90 per share.
Abbott's first-quarter results were mainly helped by launches of new medical devices and a turnaround in its business that sells baby and adult nutritional supplements. Sales in the nutrition business, known for brands such as Similac and PediaSure, have been hemmed in since mid-2016, when China made it mandatory for manufacturers to re-register baby formulae with the government.
Quarterly sales at the unit increased 4.7 percent on an organic basis to $1.76 billion, above consensus estimates of $1.72 million, compiled by Cowen. The company reported net earnings of $418 million, or 23 cents per share, in the quarter ended March 31, compared to $419 million, or 24 cents per share, a year earlier.
Profit from Abbott's medical device business - its largest division - continued to benefit from its $25 billion purchase of St. Jude Medical, and from new device launches. Sales for the unit rose 14.6 percent to $2.74 billion in the quarter. "With the integration of Alere and St. Jude Medical well underway, debt repayment progressing, and a slew of new product launches already making a splash, Abbott continues to impress in 2018," BMO Capital Markets analyst Joanne Wuensch said.
Net sales rose to $7.39 billion from $6.34 billion. Excluding items, Abbott reported a profit of 59 cents per share. Analysts on average had expected profit of 58 cents per share on revenue of $7.29 billion, according to Thomson Reuters I/B/E/S.

Copyright Reuters, 2018

Comments

Comments are closed.