Abbott Laboratories' (ABT) profit dropped in the second quarter.
Earnings and Revenue
The company's EPS topped estimates and revenues came in line with Wall Street's expectations. The company reported adjusted net income of $1.23 a share versus the $1.21 a share estimate and revenues of $9.81 billion versus the $9.84 billion estimate. The estimates of 16 analysts ranged from profit of $1.20 to profit of $1.23.
The company's net income for the quarter was $1.73 billion. This is a 11.2% decline from last year. Revenue climbed 2% from $9.62 billion in the same period last year.
Company Fundamental Trends
With last quarter's falling profit, The company breaks a streak of two consecutive quarters of year-over-year profit increases. The company's revenue has grown during at least each of the past four quarters on a year-over-year basis.
History Against Expectations
The company has now topped analyst estimates for at least the last four quarters. It beat by 3 cents in the first quarter, one cent in the fourth quarter of the last fiscal year and one cent in the third quarter of the last fiscal year.
"Abbott continues to deliver strong results as we remain on track to separate into two leading health care companies," said Miles D. White, chairman and chief executive officer, Abbott. "During the second quarter, we launched and advanced numerous projects in our promising, broad-based pipeline and achieved key milestones in the separation process."
Estimates provided by Zacks Investment Research and company fundamentals from Xignite Financials.