Abbott Laboratories (ABT) released its first-quarter results on Wednesday before the New York Stock Exchange opened.
The U.S.-based global health care company reported revenue of $7.39 billion, up 16.7% on a year-over-year basis. It beat consensus by $100 million. Organic revenues increased by 6.9% year-over-year.
The chart below illustrates the trend in Abbott first quarter total revenues over the last five fiscal years:
The increase in sales was driven by the medical devices segment with $2.744 billion, up 14.6% on a year-over-year basis, established pharmaceuticals with $1.044 billion, up 9.9% on a year-over-year basis, diagnostics with $1.837 billion, up 58.7% on a year-over-year basis, and the nutrition segment with $1.756 billion, up 7% from the prior-year quarter.
The adjusted diluted earnings per share reported by the company in the first quarter is 59 cents, up 22.9% on a year-over-year basis.. Abbott Labs beat analysts by 1 cent.
CEO Miles D. White commented on first-quarter results: " We're off to a strong start to the year, as we forecasted."
White added, " We're particularly pleased with the continued strong growth in medical devices and improving performance in our nutrition business."
For full-year 2018, the company expects to report earnings per share of between $1.23 and $1.33 and non-GAAP earnings per share of between $2.80 and $2.90. Consensus is for non-GAAP earnings per share of $2.86. The forecast is a mean of 21 estimates ranging from $2.79 to $2.90.
Abbott declared its 377th quarterly dividend of 28 cents per share in February. The current dividend yield is 1.83% versus an industry median of 1.12%.
The forward dividend and yield are $1.12 and 1.87%.
The portion of earnings Abbott Labs distributes to its shareholders in the form of dividends has been increased 46 years in a row.
Abbott is part of the Standard & Poor’s 500 Dividend Aristocrats Index.
Abbott trades around $59.52 per share on the New York Stock Exchange, versus a 52-week range of $42.88 to $64.60 per share. The stock is up 1% so far this year:
According to the Peter Lynch Chart, which is powered by GuruFocus, its share price is far above the Peter Lynch Earnings Line (P/E = 15) and the Price at Med P/E without NRI (P/E = 10.94):
Disclosure: I have no position in Abbott Laboratories.
