Abbott says Q1 EPS hits $0.56, predicts $0.59 to $0.61 for Q2

By Angela McDaniels

Seattle, April 19 - Abbott Laboratories said its GAAP net earnings increased by 3% to $864.9 million, or $0.56 per share, for the first quarter ended March 31 from $837.9 million, or $0.53 per share, for the first quarter of 2005.

Excluding specified items and including, for the first time, the impact of stock compensation expense, Abbott's net earnings decreased to $882.3 million, or $0.57 per share, for the first quarter from $919.1 million, or $0.58 per share, for the first quarter of 2005.

Abbott estimated that its earnings for the second quarter will be $0.59 to $0.61 per share. Earnings-per-share guidance, including the impact of stock compensation expense, for full-year 2006 remains unchanged at $2.51 to $2.57.

This guidance does not include any impact from the Guidant vascular transaction. The company said it plans to release estimates of expenses associated with the Guidant acquisition before the second-quarter conference call.

Reported worldwide sales decreased by 3.7% to $5.2 billion for the first quarter from $5.4 billion for the first quarter of 2005.

"We achieved our performance expectations for the quarter," Miles D. White, chairman and chief executive officer, said in a company news release.

Abbott is a health care company based in Abbott Park, Ill., that develops pharmaceuticals and medical products, including nutritionals, devices and diagnostics.

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