reported third-quarter earnings of 42 cents a share, meeting the 17-analyst estimate produced by
First Call/Thomson Financial
The company, which makes pharmaceutical and diagnostic products, said third-quarter earnings rose from 30 cents a share a year ago. Excluding a one-time charge in the year-ago third quarter, diluted earnings per share increased 10.5%. Net earnings rose to $654.4 million from $468.1 million in the third quarter of 1999.
Sales rose to $3.32 billion from $3.14 billion, but the strong dollar cut total sales by 1.6%.
The company said double-digit growth in the third quarter was driven by the launch of new products and overall growth in pharmaceutical sales. Abbott also launched Kaletra, a new protease inhibitor for the AIDS-causing HIV, on Sept. 18 and announced a new leadership structure for additional strategic focus.
Third-quarter sales in U.S. markets totaled $2.08 billion compared with $1.93 billion in the same period last year. Total international sales, including direct exports from the U.S., rose to $1.24 billion from $1.20 billion.