Abbott Labs beats by $0.05, reports revs in-line; reaffirms FY14 EPS guidance
Reports Q1 (Mar) earnings of $0.41 per share, excluding non-recurring items, $0.05 better than the Capital IQ Consensus of $0.36; co guided for EPS of $0.34-0.36; revenues fell 2.5% year/year to $5.24 bln vs the $5.29 bln consensus.
- First-quarter 2014 worldwide sales of $5.2 billion increased 0.5% on an operational basis and decreased 2.5% on a reported basis, including an unfavorable 3.0% effect of foreign exchange. International sales, which comprise more than 70% of total Abbott sales, increased 1.8% on an operational basis and decreased 2.3% on a reported basis in the first quarter. The August 2013 sales disruption in International Nutrition and the timing of supply of key products in Established Pharmaceuticals, primarily related to an expected plant shutdown for capacity expansion purposes, are estimated to have reduced Abbott's international sales growth by ~2.6 % points.
- Nutrition sales -4%; Diagnostics sales +2.6%; Established Pharma -6.6%; Medical Devices -1.2%.