Wed, Jan 25, 2023 6:42 AM
STATS Perform dba Automated Insights
ABBOTT PARK, Ill. (AP) _ Abbott Laboratories (ABT) on Wednesday reported fourth-quarter net income of $1.03 billion.
On a per-share basis, the Abbott Park, Illinois-based company said it had profit of 59 cents. Earnings, adjusted for one-time gains and costs, came to $1.03 per share.
The results beat Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 90 cents per share.
The maker of infant formula, medical devices and drugs posted revenue of $10.09 billion in the period, also topping Street forecasts. Seven analysts surveyed by Zacks expected $9.48 billion.
For the year, the company reported profit of $6.93 billion, or $3.91 per share. Revenue was reported as $43.65 billion.
Abbott expects full-year earnings in the range of $4.30 to $4.50 per share.
Abbott shares have increased 2.5% since the beginning of the year, while the S&P's 500 index has decreased 16%. The stock has declined 9% in the last 12 months.