Abbott Labs Meets Fourth-Quarter Estimates

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Abbott Laboratories

(ABT) - Get Report

reported fourth-quarter earnings that met Wall Street's expectations as sales increased by almost 7%.

The health care and pharmaceutical products company earned 48 cents in the quarter, in line with the consensus estimate of 17 analysts polled by

First Call/Thomson Financial

. Abbott earned 43 cents in the year-ago period.

Net income for the quarter rose 13.5% to $753 million from the $664 million in the same period last year. Sales rose 6.8% to $3.71 billion from $3.47 billion in the equivalent period of 1999.

Shares of the company, which is based in Abbott Park, Ill., gained $1.50, or 3.4%, to $45.06 in recent

New York Stock Exchange

trading.