Abbott Laboratories (NYSE: ABT) reported its financial results for the fiscal first quarter on Tuesday that fell shy of the Wall Street estimates, despite its COVID-19 tests continuing to see strong demand in Q1.
Abbott Laboratories shares that you can conveniently trade online via a range of user-friendly apps were reported more than 3% down in premarket trading on Tuesday. Including the price action, the stock is now exchanging hands at £86.25 per share versus a year-to-date high of £91.74 per share in early February. In comparison, the New York Stock Exchange-listed company had started the year 2021 at a lower £78 per share.
Abbott Laboratories’ Q1 financial results versus analysts’ estimates
Abbott Laboratories reported £1.29 billion of earnings in the first quarter that translates to 72 pence per share. In the same quarter last year, its earnings stood at a sharply lower £389.20 million, or 21.46 pence per share. On an adjusted basis, the Chicago-based firm earned 91 pence per share in the first quarter. In the prior quarter (Q4), Abbott’s earnings were recorded at a higher £1.53 billion.
The American multinational generated £7.44 billion of sales in Q1 versus the year-ago figure of £5.51 billion. According to FactSet, experts had forecast the company to post £7.66 billion of sales in the recent quarter. Their estimate for adjusted per-share earnings stood at a higher 94 pence.
The annualised increase in revenue, as per Abbott Laboratories, was attributed to its COVID-19 tests that generated £1.57 billion of sales in the first quarter, including £1.29 billion from its rapid-testing platforms.
In separate news from the United States, insurance company Travelers Inc also published its quarterly earnings report on Tuesday.
