Abbott: FY22 Adj. EPS Guidance Remains Unchanged

While reporting first-quarter results on Wednesday, Abbott (ABT) said it continues to expect fiscal 2022 adjusted earnings per share of at least $4.70. The company noted that its 2022 guidance includes projected COVID-19 testing-related sales of approximately $4.5 billion, which Abbott expects to largely occur in the first half of the year and will update on a quarterly basis. Analysts polled by Thomson Reuters expect the company to report profit per share of $4.83. Analysts' estimates typically exclude special items.

The company reported an adjusted earnings per share growth of 31.1 percent for its first quarter. Organic sales growth was 17.5 percent from prior year. Excluding COVID-19 testing-related sales, first-quarter organic sales growth was 7.7 percent.

First quarter earnings came in at $2.45 billion, or $1.37 per share compared with $1.79 billion, or $1.00 per share, a year ago. Excluding items, Abbott reported adjusted earnings of $3.08 billion or $1.73 per share for the period. Analysts on average had expected the company to earn $1.46 per share, according to figures compiled by Thomson Reuters.

The company's revenue for the quarter rose 13.8% to $11.90 billion from $10.46 billion last year. Analysts on average had estimated $10.99 billion in revenue.

On Feb. 18, 2022, the board of Abbott declared quarterly dividend of $0.47 per share. The cash dividend is payable May 16, 2022 to shareholders of record at the close of business on April 15, 2022.

Shares of Abbott were down 3% in pre-market trade on Wednesday.

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