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Abbott Drops on Mixed Results and Lagging Guidance

Abbott topped analysts' first-quarter adjusted-profit estimate but missed on revenue.
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Shares of Abbott Laboratories  (ABT) - Get Abbott Laboratories Report dropped after the medical-device maker reported mixed first-quarter results and forecast full-year earnings that were below estimates. 

The Abbott Park, Ill., company earned an adjusted $1.32 a share, double the 65 cents a share of the year-earlier quarter. Revenue rose 35% to $10.46 billion.

Analysts surveyed by FactSet were expecting first-quarter earnings of $1.27 a share on revenue of $10.69 billion. 

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All four of Abbott's major businesses ["achieved] strong growth," said Robert B. Ford, president and chief executive, in a statement. 

"We're particularly pleased with the growing momentum of several recently launched products and continue to forecast more than 35% earnings-per-share growth for the year."

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For the year, Abbott forecast earnings of $5 a share, compared with the consensus estimate of $5.04. 

In December, Abbott said that its home coronavirus test had won emergency-use authorization from the Food and Drug Administration.

The company brought in $2.2 billion in the first quarter from COVID-19 testing sales, led by combined sales of $1.8 billion from Abbott's BinaxNow, Panbio and ID Now rapid-testing kits. 

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The company said at the time that it would deliver and administer 30 million BinaxNow tests in the quarter with an additional 90 million expected to be used in the second quarter. 

Abbott Laboratories shares at last check were off 3.2% at $120.60. 

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