Abbott Laboratories (NYSE:ABT) released the earnings results from its most recently completed quarter this morning, posting non-GAAP earnings per share of 41 cents on $5.24 billion in revenue. Analysts had been expecting to see earnings per share of 36 cents on $5.29 billion in revenue. Abbott even beat its own guidance for earnings of between 34 cents and 36 cents per share.
Breaking down Abbott Laboratories’ earnings
Abbott Laboratories (NYSE:ABT) said global sales for the first quarter rose .5% on an operational basis, excluding impacts from foreign exchange. On a reported basis, they fell 2.5%, which includes a 3% negative impact from foreign exchange.
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“We are off to a good start, and we continue to expect accelerating performance beginning in the second quarter as we target another year of double-digit ongoing earnings-per-share growth,” said Miles D. White, chairman and CEO of Abbott Laboratories (NYSE:ABT) in a staTement.
Abbott Laboratories highlights new products
During the first quarter, Abbott Laboratories (NYSE:ABT) also launched a number of new products, including its Supera peripheral stent, which is used for superficial femoral artery treatment. The company also highlighted its TECNIS TOric and TECNIS OptiBlue Preloaded intraocular lenses, which it launched in Japan.
Other new products from the first quarter include Similac with OptiGRO, which launched in the U.S., the Eleva infant formula, which launched in China, and a number of other nutritional products which were released in markets around the global. Abbott Laboratories (NYSE:ABT) also released the new ARCHITECT platform diabetes test in the U.S.
In addition, the company finished enrolling patients in randomized clinical trials for regulatory submission of its drug-eluting coronary bioresorbable vascular scaffold Absorb. Those tests will be conducted in the U.S., Japan and China.
Abbott Laboratories reaffirms 2014 guidance
Abbott Laboratories (NYSE:ABT) also confirmed its full-year guidance for earnings of between $2.16 and $2.26 per share. At the midpoint, that suggests double-digit growth. The company also guided for GAAP earnings of between $1.13 and $1.23 per share.