Abbott Laboratories (ABT) has reported a 4.04 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $798 million, or $0.53 a share in the quarter, compared with $767 million, or $0.51 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $971 million, or $0.65 a share compared with $932 million or $0.62 a share, a year ago.
Revenue during the quarter went up marginally by 2.79 percent to $5,333 million from $5,188 million in the previous year period. Gross margin for the quarter contracted 83 basis points over the previous year period to 56.65 percent. Total expenses were 82.22 percent of quarterly revenues, down from 84.29 percent for the same period last year. This has led to an improvement of 207 basis points in operating margin to 17.78 percent.
Operating income for the quarter was $948 million, compared with $815 million in the previous year period.
"2016 was a very important year for Abbott," said Miles D. White, chairman and chief executive officer, Abbott. "We achieved our financial commitments, advanced our internal pipeline, and took important strategic steps to shape the company for balance and growth."
For the first-quarter 2017, the company forecasts diluted earnings per share to be in the range of $0.19 to $0.21. On an adjusted basis, the company forecasts diluted earnings per share to be in the range of $0.42 to $0.44.
For financial year 2017, the company forecasts diluted earnings per share to be in the range of $0.92 to $1.02. the company forecasts diluted earnings per share to be in the range of $2.40 to $2.50 on adjusted basis.
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