Abbott Labs Tops Q4 Estimates, Announced 1,900 Job Cuts (ABT)
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Uploaded by FinancialNewsOnline on Jan 26, 2011
Abbott Labs (NYSE:ABT) reported Q4 EPS of $1.30, a penny above the consensus estimate of $1.29 per share. Revenue rose 13.4% to $9.97 billion, above the Street estimate of $9.89 billion. Sales of Humira rose 13% to $1.88 billion.
The company said it sees ongoing full-year 2011 EPS rising double digits over 2010. This equates to a range of $4.54-$4.64, vs. estimates of $4.63. Abbott said its 2011 outlook reflects the incremental impact of costs associated with U.S. Healthcare Reform, as well as the impact of European austerity measures.
Chairman and CEO Miles White said, "Despite a very challenging environment, 2010 was another productive year for Abbott, resulting in strong financial performance. We also took decisive long-term strategic actions to expand our emerging markets presence and late-stage pipeline to better position Abbott for sustainable long-term growth. We anticipate delivering another year of double-digit ongoing earnings-per-share growth in 2011."
Abbott also said that it would be streamlining its U.S. pharmaceutical operations which would result in 1,900 job cuts representing 2% of its total workforce.
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