There’s no pleasing some people. Abbott (NYSE:ABT) shares were down on Wall Street today, despite the health care products giant reporting strong second-quarter sales and earnings figures — including a nearly 100 percent top-line surge for its coronary stents business.
The Abbott Park, Ill.-based conglomerate reported profits of $1.94 billion, or $1.23 per diluted share, on sales of $9.62 billion for the three months ended June 30. That’s a revenue increase of 9.0 percent and a bottom-line surge of 50.4 percent, compared with the $1.29 billion profit (83 cents diluted EPS) on sales of $8.83 billion during the same period last year.
Excluding some one-time items associated with acquisitions, "cost reduction initiatives," a writedown of intangible assets and a tax gain from 2010, net earnings were $1.77 billion, or $1.12 per diluted share, up 12.0 percent and 10.9 percent, respectively.
The quarter also featured a strong performance by Abbott’s coronary stent unit. Total sales were up 96.8 percent to $1.05 billion; U.S. sales rose 71.3 percent to $478 million and international sales rose 124.8 percent to $571 million.
"Abbott is well-positioned for a strong second half of the year as we remain on track for double-digit EPS growth in 2011," chairman & CEO Miles White said in prepared remarks. "We’re also pleased with our growth in emerging markets, as well as the progress of our broad-based pipeline, including several new product approvals, regulatory submissions and clinical trial initiations."
The company boosted its diluted EPS guidance for the fully year to between $4.58 and $4.68, up from $4.54 to $4.64, excluding special items.
That failed to impress The Street, where ABT shares were down about 1 percent to $52.40 in mid-day trading.