AGL 40.00 No Change ▼ 0.00 (0%)
AIRLINK 132.75 Increased By ▲ 3.22 (2.49%)
BOP 6.87 Increased By ▲ 0.19 (2.84%)
CNERGY 4.58 Decreased By ▼ -0.05 (-1.08%)
DCL 8.91 Decreased By ▼ -0.03 (-0.34%)
DFML 42.85 Increased By ▲ 1.16 (2.78%)
DGKC 84.60 Increased By ▲ 0.83 (0.99%)
FCCL 33.00 Increased By ▲ 0.23 (0.7%)
FFBL 76.51 Increased By ▲ 1.04 (1.38%)
FFL 12.20 Increased By ▲ 0.73 (6.36%)
HUBC 110.25 Decreased By ▼ -0.30 (-0.27%)
HUMNL 14.42 Decreased By ▼ -0.14 (-0.96%)
KEL 5.56 Increased By ▲ 0.17 (3.15%)
KOSM 8.30 Decreased By ▼ -0.10 (-1.19%)
MLCF 39.70 Decreased By ▼ -0.09 (-0.23%)
NBP 65.98 Increased By ▲ 5.69 (9.44%)
OGDC 199.00 Decreased By ▼ -0.66 (-0.33%)
PAEL 26.15 Decreased By ▼ -0.50 (-1.88%)
PIBTL 7.62 Decreased By ▼ -0.04 (-0.52%)
PPL 159.30 Increased By ▲ 1.38 (0.87%)
PRL 26.15 Decreased By ▼ -0.58 (-2.17%)
PTC 18.50 Increased By ▲ 0.04 (0.22%)
SEARL 81.90 Decreased By ▼ -0.54 (-0.66%)
TELE 8.13 Decreased By ▼ -0.18 (-2.17%)
TOMCL 34.48 Decreased By ▼ -0.03 (-0.09%)
TPLP 9.02 Decreased By ▼ -0.04 (-0.44%)
TREET 16.88 Decreased By ▼ -0.59 (-3.38%)
TRG 59.70 Decreased By ▼ -1.62 (-2.64%)
UNITY 27.55 Increased By ▲ 0.12 (0.44%)
WTL 1.41 Increased By ▲ 0.03 (2.17%)
BR100 10,627 Increased By 220.4 (2.12%)
BR30 31,916 Increased By 203 (0.64%)
KSE100 98,938 Increased By 1609.8 (1.65%)
KSE30 30,786 Increased By 593.7 (1.97%)

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.