Jim Cramer Says Abbott Laboratories Is on Fire
Let's go over Abbott Laboratories' earnings.
Abbott Laboratories said earnings for the three months ending in March came in at 65 cents per share, up 3.2% from the same period last year and 7 cents ahead of the Street consensus forecast. Group revenues also impressed, rising 2.5% to $7.7 billion and again topping analysts' estimates of $7.4 billion.
Looking ahead to the 2020 fiscal year, Abbott Laboratories said it would suspend its prior profit forecasts, which called for adjusted earnings of between $3.55 and $3.65 per share, "due to uncertainties regarding the duration and impact of the coronavirus pandemic."
"First and foremost, I want to thank our employees, our customers, and our suppliers for their extraordinary efforts to maintain a supply of our critically important products to the people who need them, around the world," said CEO Robert Ford. "It's an unprecedented time and our colleagues are rising to it in unprecedented ways."
"...The blood test that Abbott (ABT) just announced today. They are going to have the capacity to have millions of them. They will tell you if you have the antibodies. We don't know if you can get COVID-19 twice, but the people with antibodies can become a vibrant part of life. I actually want to give these people a card saying they've had it. They are at the vanguard of the new social worlds. The more who have had it the more I would feel confident that the 6% mortality rate in New York is way too high," Cramer wrote in his Wednesday, April 15 afternoon column over on Real Money.
Watch the full video above for more from Cramer.
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