(Reuters) – Abbott Laboratories beat Wall Street estimates for first-quarter profit on Wednesday, buoyed by strong demand for diabetes care and other medical devices.
The company also maintained its full-year profit forecast of $5.05 to $5.25 per share in the face of an escalating global trade war.
Abbott is likely to face a hit from the heavy duties imposed on other countries given its broad manufacturing footprint across the world, according to analysts.
The company is also investing $500 million in manufacturing and research and development in Illinois and Texas, with the projects expected to go live by the end of the year. On an adjusted basis, the company’s quarterly profit of $1.09 per share beat analysts’ average expectations of $1.07 per share, according to estimates compiled by LSEG.
Sales of continuous glucose monitors were $1.7 billion, up 18.3% from a year ago.
(Reporting by Christy Santhosh and Puyaan Singh in Bengaluru; Editing by Leroy Leo)
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