In October 15, Abbott Laboratories reported a net income of 1.084 billion or $0.69 per share compared to $717.005 million or $0.46 per share last year.
Excluding specified items net income came in at $1.235 billion or $0.79 per share compared to $1.046 billion or $0.67 per share a year ago. On average, 14 analysts polled by First Call/Thomson Financial expected the company to earn $0.77 per share. Gross margin inched up to 55.3% from 55.1%. Revenue overall rose 18 percent to $7.5 billion. Worldwide sales increased 17.6% $7.497 billion, including a favorable 4.7% effect of exchange rates, compared to $6.377 billion in the prior year. Analysts were looking for $7.35 billion.
Outlook:
The company raised its outlook full-year 2008 to $3.31 - $3.33 per share from $3.24 - $3.28 per share, excluding specified items. Abbott reaffirmed the net specified items for the full-year 2008 of $0.08 per share, primarily associated with cost reduction initiatives and acquired in-process R&D. Including the specified items, projected earnings per share under GAAP would be $3.23 - $3.25 for the full-year 2008.
Abbott's original guidance range for 2008, provided in January, was $3.20 - $3.25. Wall Street was expecting $3.28 per share, with estimates in the range of $3.21-$3.30 per share.
Excluding specified items net income came in at $1.235 billion or $0.79 per share compared to $1.046 billion or $0.67 per share a year ago. On average, 14 analysts polled by First Call/Thomson Financial expected the company to earn $0.77 per share. Gross margin inched up to 55.3% from 55.1%. Revenue overall rose 18 percent to $7.5 billion. Worldwide sales increased 17.6% $7.497 billion, including a favorable 4.7% effect of exchange rates, compared to $6.377 billion in the prior year. Analysts were looking for $7.35 billion.
Outlook:
The company raised its outlook full-year 2008 to $3.31 - $3.33 per share from $3.24 - $3.28 per share, excluding specified items. Abbott reaffirmed the net specified items for the full-year 2008 of $0.08 per share, primarily associated with cost reduction initiatives and acquired in-process R&D. Including the specified items, projected earnings per share under GAAP would be $3.23 - $3.25 for the full-year 2008.
Abbott's original guidance range for 2008, provided in January, was $3.20 - $3.25. Wall Street was expecting $3.28 per share, with estimates in the range of $3.21-$3.30 per share.
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