Abbott Laboratories (ABT: Quote) reported that its fourth-quarter net income declined to $1.05 billion or $0.66 per share, from $1.62 billion or $1.02 per share in the same quarter last year.
Ongoing earnings for the quarter rose to $2.42 billion or $1.51 per share from $2.30 billion or $1.45 per share in the year ago quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $1.50 per share for the quarter. Analysts’ estimates typically exclude special items.
The latest-quarter adjusted earnings excluded after-tax charges of $858 million, or $0.54 per share, for loss on extinguishment of debt, $265 million, or $0.16 per share, for separation costs, $97 million, or $0.06 per share, for asset impairments, $122 million, or $0.07 per share, for restructuring, integration costs and other and $26 million, or $0.02 per share, for acquired in-process research and development.
Net sales for the quarter rose to $10.84 billion from $10.38 billion in the prior year quarter. Eight analysts had consensus revenue estimate of $10.58 billion for the quarter.
The company expects ongoing earnings-per-share to be in the range of $1.98 to $2.04 for the full-year 2013. Analysts expect the company to report earnings of $1.95 per share for fiscal 2013.
The company forecasts net specified items for the full-year 2013 of approximately $0.59 per share, primarily associated with intangible amortization expense, separation costs and cost-reduction initiatives.
Including these net specified items, projected earnings per share under GAAP would be $1.39 to $1.45 for the full-year 2013.
To receive FREE breaking news email alerts for Abbott Laboratories and others in your portfolio
by RTT Staff Writer
For comments and feedback: editorial@rttnews.comBusiness News