Abbott tops Street 2Q forecasts

Markets Associated Press

Abbott Laboratories (ABT) on Thursday reported second-quarter net income of $283 million.

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The Abbott Park, Illinois-based company said it had profit of 16 cents per share. Earnings, adjusted for one-time gains and costs, were 62 cents per share.

The results beat Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of 60 cents per share.

The maker of infant formula, medical devices and drugs posted revenue of $6.64 billion in the period, also exceeding Street forecasts. Seven analysts surveyed by Zacks expected $6.62 billion.

Abbott expects full-year earnings in the range of $2.43 to $2.53 per share.

Abbott shares have climbed 29 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 10 percent. The stock has risen 18 percent in the last 12 months.

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This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on ABT at https://www.zacks.com/ap/ABT

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Keywords: Abbott, Earnings Report