Abbott shares dip on soft current-quarter guide; Q1 results in line

Investing.com -- Abbott Laboratories reported first-quarter earnings in line with expectations and revenue above forecasts on Wednesday, but shares slipped after the medical device maker issued soft second-quarter profit guidance.

The stock was down 3% in premarket trading by 07:39 ET.

Abbott earned $1.15 per share in the first quarter, matching the consensus estimate, while revenue came in at $11.16 billion, just above expectations of $11 billion. First-quarter sales rose 7.8% on a reported basis and 3.7% on a comparable basis.

"Our first-quarter results were aligned with our expectations to start the year," said Robert Ford, chairman and CEO of Abbott. "The acquisition of Exact Sciences adds another high-growth business to the Abbott portfolio, further strengthening our confidence in delivering accelerating growth as we move through the year."

Looking forward, Abbott guided for second-quarter EPS of $1.25 to $1.31, below the analyst consensus of $1.32.

For the full year, the company projected EPS of $5.38 to $5.58, compared with the consensus of $5.47, with the forecast including $0.20 of dilution tied to its acquisition of Exact Sciences, which closed on March 23.

The company also projected full-year comparable sales growth of 6.5% to 7.5% for the full year.

You May Also Be Interested In

• Micron surges 5.5% on blockbuster Anthropic AI deal ahead of earnings
• C.H. Robinson acquires DeSpir Logistics for $75 million
• Boeing wins $121 million Navy contract for P-8A upgrades