Abbott reports 4Q loss, adjusted income beats estimate

TaxesAssociated Press

Abbott Laboratories (ABT) on Wednesday reported a fourth-quarter loss of $828 million, thanks to a hefty $1.46 billion charge due to the recent U.S. tax overhaul. The company earned a profit in the same period a year earlier.

On a per-share basis, the Abbott Park, Illinois-based company said it had a loss of 48 cents. Earnings, adjusted for one-time gains and costs, came to 74 cents per share.

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The results beat Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 73 cents per share.

The maker of infant formula, medical devices and drugs posted revenue of $7.59 billion in the period, which also beat Street forecasts. Six analysts surveyed by Zacks expected $7.37 billion.

For the year, the company reported profit of $477 million, or 27 cents per share. Revenue was reported as $27.39 billion.

For the current quarter ending in April, Abbott expects its per-share earnings to range from 57 cents to 59 cents.

The company expects full-year earnings in the range of $2.80 to $2.90 per share.

Abbott shares have climbed roughly 4 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 6 percent. The stock has climbed 47 percent in the last 12 months.

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Elements of this story were 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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