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Penny Beat for Abbott Labs

Guidance is in line.
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Abbott Labs (ABT) - Get Abbott Laboratories Report beat first-quarter targets and guided in line for the year.

The Abbott Park, Ill., drug company made $641 million, or 41 cents a share, from continuing operations for the quarter ended March 31, down from the year-ago $849 million, or 55 cents a share. Revenue rose 15.5% from a year ago to $5.29 billion.

Excluding certain items, latest-quarter earnings from continuing operations were 53 cents a share. Analysts surveyed by Thomson Financial were looking for a profit of 52 cents a share on sales of $5.26 billion.

The company said it expects to make $2.79 to $2.85 a share for the year, in line with the $2.82 Wall Street estimate.

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