Abbott revenue misses, hurt by dollar, weak formula sales

Reuters

Jan 22 (Reuters) - Abbott Laboratories Inc reported weaker-than-expected fourth-quarter revenue, hurt by the stronger dollar and an overseas sales disruption earlier in the year of its baby formulas.

Abbott, which spun off its branded prescription drugs business early last year into a separate publicly traded company called AbbVie Inc, on Wednesday reported fourth-quarter earnings from continuing operations of $589 million, or 37 cents per share. That compared with a loss of $522 million, or 33 cents per share, a year earlier, when Abbott took a number of large charges.

Excluding special items, Abbott earned 58 cents per share, matching the average analyst's forecast, according to Thomson Reuters I/B/E/S.

Global sales of $5.66 billion came in below Wall Street expectations of $5.72 billion.

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