Printer Friendly

ABBOTT ACHIEVES RECORD SALES, EARNINGS IN FIRST QUARTER; EARNINGS PER SHARE INCREASE 17.1 PERCENT

 ABBOTT PARK, Ill., April 8 /PRNewswire/ -- Abbott Laboratories (NYSE: ABT) announced today that it achieved record sales and earnings for the first quarter ended March 31, 1993.
 Worldwide sales for the first quarter increased 8.9 percent to $2.046 billion from $1.878 billion in 1992. Earnings per share rose to 41 cents, up 17.1 percent from 35 cents a year ago. Net earnings increased 17.4 percent to $346 million from $294 million in the first quarter of 1992.
 "Highlights of the first quarter results include good sales growth in our hospital and laboratory segment, supported by the expansion of our U.S. anesthesia business and the continued success of our new diagnostic test for monitoring prostate cancer," said Abbott Chairman and Chief Executive Officer Duane L. Burnham.
 "We're also pleased by the success of our new anti-infective, Biaxin, and the continuing global growth of our medical nutritional business."
 During the first quarter, research and development expenses increased by 11.4 percent over last year to $202 million.
 Additional First Quarter Results
 Sales of pharmaceutical and nutritional products were $1.083 billion in the first quarter, an 8.6 percent increase from the $997 million in the first quarter of 1992.
 Hospital and laboratory product sales totaled $963 million in the first quarter, a 9.3 percent increase from the $881 million a year ago.
 Sales in domestic markets were $1.279 billion, up 8.6 percent from $1.177 billion in the first quarter of 1992.
 International sales, including direct exports from the U.S., were $767 million, a 9.5 percent increase from the $701 million recorded a year ago.
 Abbott Laboratories is a worldwide manufacturer of health care products employing 48,000 people. In 1992, the company's sales and net earnings were $7.9 billion and $1.2 billion, respectively, with earnings per share of $1.47.
 ABBOTT LABORATORIES AND SUBSIDIARIES
 Consolidated Statement of Earnings
 First Quarter
 Three months ended March 31 1993 1992
 Net sales $2,045,613,000 $1,877,932,000
 Cost of products sold 933,175,000 844,741,000
 Research & development 202,110,000 181,508,000
 Selling, general & administrative 464,823,000 438,538,000
 Total operating costs & expenses 1,600,108,000 1,464,787,000
 Operating earnings 445,505,000 413,145,000
 Interest (income) expense, net 4,484,000 3,106,000
 Other (income) expense, net(A) (38,890,000) 1,387,000
 Earnings before taxes 479,911,000 408,652,000
 Taxes on earnings 134,375,000 114,423,000
 Net earnings $ 345,536,000 $ 294,229,000
 Net earnings per common share $ 0.41 $ 0.35
 Average common shares outstanding 834,693,000 849,772,000
 Tax rate (as a percent) 28.0 28.0
 (A) -- Includes net losses on foreign exchange of $4,266,000 and $10,765,000 for 1993 and 1992 first quarter, respectively.
 -0- 4/8/93
 /CONTACT: Don Braakman of Abbott Laboratories, 708-937-1237.
 (ABT)


CO: Abbott Laboratories ST: Illinois IN: HEA SU: ERN

TS -- NY024 -- 4123 04/08/93 09:51 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 8, 1993
Words:514
Previous Article:REUTERS ACQUIRES MARKET DATA SYSTEMS INTEGRATOR
Next Article:PROPOSED GATEWAY FED MERGER PROGRESSES
Topics:


Related Articles
ABBOTT ACHIEVES RECORD SALES, EARNINGS IN FIRST QUARTER; EARNINGS PER SHARE INCREASE 16.9 PERCENT
ABBOTT ACHIEVES RECORD SALES, EARNINGS IN SECOND QUARTER
ABBOTT ACHIEVES RECORD SALES, EARNINGS IN THIRD QUARTER; EARNINGS PER SHARE INCREASE 13.8 PERCENT
ABBOTT REPORTS INCREASE IN SALES, EARNINGS IN SECOND QUARTER; EARNINGS PER SHARE UP 13.5 PERCENT
ABBOTT REPORTS INCREASE IN SALES, EARNINGS IN THIRD QUARTER; EARNINGS PER SHARE INCREASE 13.2 PERCENT
ABBOTT REPORTS INCREASE IN SALES, EARNINGS IN FIRST QUARTER
ABBOTT REPORTS INCREASE IN SALES, EARNINGS IN SECOND QUARTER, FIRST HALF
Abbott Reports Increase in Sales, Earnings in Third Quarter
Abbott Reports Increases in Sales, Earnings for the Third Quarter.
Abbott reports 9.5 per cent sales increase in the second quarter.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters