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Abbott Labs' Adjusted Earnings Beat Despite 31% Net Income Drop

TheStreet.com Videos 0:59 mins

Shares of Abbott Laboratories are climbing on Wednesday after the company reported first-quarter net income that fell 31%, but adjusted earnings still managed to beat expectations. Excluding items, Abbott earned $0.41 a share, topping analyst expectations of $0.36 a share, according to Thomson Reuters. Abbott's results were weighed down by a negative impact of foreign exchange rates as well as the shutdown of a drug manufacturing plant. The company reaffirmed its 2014 earnings forecast.

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