The company posted adjusted per-share earnings of 41¢, beating Wall Street’s consensus estimate by 5¢. In total, profits sank 31.1% and sales dropped 2.5% for the company as a whole and medical device sales slid 1.2%.
ABT shares still got a modest boost today, trading 0.7% higher to $38.24 as of about 12:55 p.m. EST.
The healthcare giant reported profits of $375 million, or 24¢ per diluted share, on sales of $5.24 billion during the 3 months ended March 31. That compared with profits of $544 million, or 34¢ per share, on sales of $5.38 billion during the same period last year.
Abbott blamed the nosedive in earnings in part on amortization expenses, costs associated with restructuring and "a one-time repatriation of 2014 ex-U.S. earnings."
"We are off to a good start," Abbott chairman & CEO Miles White said in prepared remarks. "We continue to expect accelerating performance beginning in the 2nd quarter as we target another year of double-digit ongoing earnings-per-share growth."
Abbott’s medical device businesses fared harshly during the quarter, with 4 of its 6 divisions reported lower sales year-over-year. The diabetes division posted a 10.5% drop in revenues and the company’s stent arm slid 4.9%. Only medical optics and endovascular gained during the quarter, with revenues increases of 7.6% and 6%, respectively.
The company affirmed its previous full-year 2014 earnings guidance, still expected to report $2.16 to $2.26 earned per share for the year.