Abbott Labs beats Street 1Q forecasts

ABBOTT PARK — Abbott Laboratories (ABT) on Wednesday reported first-quarter net income of $2.29 billion.

The Abbott Park, Illinois-based company said it had net income of $1.51 per share. Earnings, adjusted to account for discontinued operations, came to 47 cents per share.

The results exceeded Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of 42 cents per share.

The maker of infant formula, medical devices and drugs posted revenue of $4.9 billion in the period, also surpassing Street forecasts. Nine analysts surveyed by Zacks expected $4.86 billion.

Abbott expects full-year earnings in the range of $2.10 to $2.20 per share.

Abbott shares have increased roughly 5 percent since the beginning of the year, while the Standard & Poor’s 500 index has increased almost 2 percent. The stock has increased 22 percent in the last 12 months.