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Abbott issues cautious 2011 view, plans job cuts

Reuters - Jan 26, 2011

Abbott Laboratories (ABT.N) forecast double-digit profit growth in 2011, but barely as much as Wall Street expects, and said it will cut 1,900 jobs over the next several years to offset costs of U.S. healthcare reforms.

The company, whose shares fell 2 percent in early trading, also reported quarterly sales and earnings that slightly topped forecasts, fueled by strong demand for its prescription drugs and heart stents.

Solid fourth-quarter results for the diversified healthcare company contrasted with those of its larger rival, Johnson & Johnson (JNJ.N), which on Tuesday reported sales far short of estimates and forecast 2011 profit growth of only 1 to 3 percent.

Abbott said it earned $1.44 billion, or 92 cents per share, in the quarter, with results tempered by costs of recent acquisitions. That compared with $1.54 billion, or 98 cents per share, a year earlier.

Read Full Article from Reuters

- Posted: 2011-01-26 11:03:35


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