Abbott Shares Rise 2.5% After First-quarter Earnings, Profit Beats

Abbott Laboratories shares rose 2.5% in premarket trade Wednesday after the company reported first-quarter earnings and profit beats. Earnings for the latest quarter rose to $419 million, or 24 cents per share, from $316 million, or 21 cents per share, in the year-earlier period. Adjusted earnings-per-share were 48 cents, above the FactSet consensus of 43 cents. Revenue rose to $6.34 billion from $4.89 billion, beating the FactSet consensus of $6.16 billion. The latest results include the acquisition of medical devicemaker St. Jude Medical, which was completed January 4. Abbott reaffirmed its full year guidance for adjusted EPS from continuing operations of $2.40 to $2.50, compared with the FactSet consensus of $2.45. Abbott shares have surged 7.5% over the last three months, compared with a 3.5% rise in the S&P 500 .