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.
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.