Abbott Laboratories (ABT) has reported a 32.59 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $419 million, or $0.24 a share in the quarter, compared with $316 million, or $0.21 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $843 million, or $0.48 a share compared with $615 million or $0.41 a share, a year ago.
Revenue during the quarter grew 29.68 percent to $6,335 million from $4,885 million in the previous year period. Gross margin for the quarter contracted 424 basis points over the previous year period to 51.95 percent. Operating margin for the quarter stood at negative 3.19 percent as compared to a positive 10.73 percent for the previous year period.
Operating loss for the quarter was $202 million, compared with an operating income of $524 million in the previous year period.
"Our first quarter results reflect a strong start to the year," said Miles D. White, chairman and chief executive officer, Abbott. "The integration of St. Jude is going well and recently launched products are contributing to double-digit sales growth across several areas of our Medical Devices business."
For financial year 2017, the company projects diluted earnings per share to be in the range of $0.92 to $1.02. The company projects diluted earnings per share to be in the range of $2.40 to $2.50 on adjusted basis.
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