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Abbott Labs' Beats on Adjusted Basis Despite Drop in Net Income

NEW YORK (TheStreet) -- Abbott Laboratories  (ABT) reported on Wednesday first-quarter net income that fell 31%, but adjusted earnings still managed to beat expectations.

VIDEO TRANSCRIPT:

Shares of Abbott Laboratories are climbing slightly higher on Wednesday after the company reported first-quarter net income that fell 31%, but adjusted earnings still managed to beat expectations.

Abbott said it earned $375 million, or 24 cents a share in the quarter, down from $544 million, or 34 cents a share, a year ago.  Excluding items, Abbott earned 41 cents a share, topping analyst expectations of 36 cents a share, according to Thomson Reuters.

The company's diagnostic and laboratory test unit saw sales gains of 2.6% during the period, and was Abbott's only unit to post increases.  Abbott's results were weighed down by a negative impact of foreign exchange rates as well as the shutdown of a drug manufacturing plant.

WATCH: More market update videos on TheStreet TV | More videos from Brittany Umar

Looking forward, the company reaffirmed its full-year 2014 earnings forecast, expecting $2.16 to $2.26 a share.

In New York, I'm Brittany Umar for TheStreet.

-- Written by Brittany Umar in New York.

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