ABBOTT PARK, Ill., Oct. 17 /PRNewswire-FirstCall/ -- Abbott today announced financial results for the third quarter ended Sept. 30, 2007.
“Abbott’s strong performance this quarter was again balanced across our major broad-based businesses,” said Miles D. White, chairman and chief executive officer, Abbott. “We expect this momentum to continue in the fourth quarter and into 2008, when the strength of our diversity will drive an accelerating rate of earnings-per-share growth compared to 2007.”
The following is a summary of sales for the first nine months of 2007 for selected products.
Based on the company’s strong results year to date, Abbott is confirming its 2007 earnings-per-share outlook and raising the lower end of its previous guidance range. As a result, Abbott’s earnings-per-share guidance for 2007 is now $2.82 to $2.84 and for the fourth quarter is $0.91 to $0.93, both excluding specified items.
Abbott forecasts specified items for the full-year 2007 of approximately $0.44 per share, primarily associated with acquisition integration, cost reduction initiatives, a write-down of Omnicef inventory and adjustments related to Abbott’s ownership of Boston Scientific stock, as previously disclosed. Including specified items, projected earnings per share under GAAP would be $2.38 to $2.40 for the full-year 2007.
Abbott forecasts specified items for the fourth-quarter 2007 of approximately $0.07 per share, primarily associated with acquisition integration and cost reduction initiatives. Including these specified items, projected earnings per share under GAAP would be $0.84 to $0.86 for the fourth-quarter 2007.
For 2008, Abbott continues to forecast an accelerating rate of earnings-per-share growth over 2007.
Abbott declares quarterly dividend
On Sept. 14, 2007, the board of directors of Abbott declared the company’s quarterly common dividend of 32.5 cents per share. The cash dividend is payable Nov. 15, 2007, to shareholders of record at the close of business on Oct. 15, 2007. This marks the 335th consecutive dividend paid by Abbott since 1924.
About Abbott
Abbott is a global, broad-based health care company devoted to the discovery, development, manufacture and marketing of pharmaceuticals and medical products, including nutritionals, devices and diagnostics. The company employs 65,000 people and markets its products in more than 130 countries.
Abbott’s news releases and other information are available on the company’s Web site at http://www.abbott.com. Abbott will webcast its live third-quarter earnings conference call through its Investor Relations Web site at http://www.abbottinvestor.com at 8 a.m. Central time today. An archived edition of the call will be available after 11 a.m. Central time.
Some statements in this news release may be forward-looking statements for the purposes of the Private Securities Litigation Reform Act of 1995. We caution that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated. Economic, competitive, governmental, technological and other factors that may affect Abbott’s operations are discussed in Item 1A, “Risk Factors,” to our Annual Report on Securities and Exchange Commission Form 10-K for the year ended Dec. 31, 2006, and are incorporated by reference. We undertake no obligation to release publicly any revisions to forward-looking statements as a result of subsequent events or developments.
NOTE: See attached questions and answers section for further explanation of Consolidated Statement of Earnings line items.
NOTE: See attached questions and answers section for further explanation of Consolidated Statement of Earnings line items.
CONTACT: Financial, John Thomas, +1-847-938-2655, Larry Peepo,
+1-847-935-6722, or Tina Ventura, +1-847-935-9390, or Media, Melissa Brotz,
+1-847-935-3456, or Scott Stoffel, +1-847-936-9502, all of Abbott
Web site: http://www.abbott.com//
