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Abbott Q2 Profit Beats Estimates; Confirms FY13 EPS Guidance

7/17/2013 8:06 AM ET

Abbott (ABT: Quote) reported that its second-quarter net earnings from continuing operations increased to $476 million or $0.30 per share, from $411 million or $0.26 per share last year. Net earnings from continuing operations excluding specified items was $724 million or $0.46 per share, compared to $689 million or $0.43 per share, last year. Net earnings for the quarter was $476 million or $0.30 per share, compared to $1.73 billion or $1.08 per share last year.

On average, 22 analysts polled by Thomson Reuters expected the company to report profit of $0.44 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales rose to $5.45 billion from $5.31 billion last year. Analysts expected revenue of $5.52 billion for the quarter.

Reported sales increased 2.5 percent, including an unfavorable 1.7 percent effect of foreign exchange. Sales were driven by 8.4 percent operational sales growth in Nutrition, including 18.4 percent international growth, and 7.6 percent operational sales growth in Diagnostics, the company said. Excluding foreign exchange, worldwide sales increased 4.2 percent.

Abbott confirmed its ongoing earnings-per-share guidance for the full year 2013 of $1.98 to $2.04. Abbott forecasts net specified items for the full year 2013 of approximately $0.59 per share. Including these net specified items, projected earnings per share from continuing operations would be $1.39 to $1.45. Analysts expect the company to report fiscal 2013 profit per share of $2.01.

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by RTT Staff Writer

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