Abbott: 1Q Earnings Snapshot

ABBOTT PARK, Ill. (AP) _ Abbott Laboratories (ABT) on Wednesday reported first-quarter net income of $672 million.

The Abbott Park, Illinois-based company said it had profit of 38 cents per share. Earnings, adjusted for one-time gains and costs, came to 63 cents per share.

The results beat Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 61 cents per share.

The maker of infant formula, medical devices and drugs posted revenue of $7.54 billion in the period, also exceeding Street forecasts. Seven analysts surveyed by Zacks expected $7.47 billion.

For the current quarter ending in July, Abbott expects its per-share earnings to range from 79 cents to 81 cents.

The company expects full-year earnings in the range of $3.15 to $3.25 per share.

Abbott shares have risen 5.5 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed 16 percent. The stock has climbed 29 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ABT at https://www.zacks.com/ap/ABT