Company's Q1 2023 Revenue Stands at $9.75 Billion
Abbott Laboratories,(ABT) a leading global healthc are company, has released its financial results for the first quarter of 2023. The company's condensed consolidated statement of earnings reveals that net sales for the three months ended March 31, 2023, amounted to $9.75 billion. This figure represents a decrease compared to the same period in 2022 when net sales were $11.90 billion.
During the first quarter of 2023, Abbott Laboratories reported a net income of $1.32 billion. This is a significant decline compared to the first quarter of 2022, during which the company recorded a net income of $2.45 billion.
Abbott Laboratories generated total net sales of $9.75 billion in the first quarter of 2023. In contrast, during the same period last year, the company's net sales were higher, reaching $11.90 billion.
The company's operating earnings for the first quarter of 2023 amounted to $1.51 billion, showcasing a notable decline from $2.91 billion in the corresponding period in 2022. Total operating costs and expenses for Q1 2023 were reported at $8.24 billion, compared to $8.98 billion in Q1 2022.
Financial Highlights
Net earnings per common share for the first quarter of 2023 were $0.75, a decrease from $1.38 per share in Q1 2022.
Diluted earnings per common share also saw a decline, standing at $0.75 in Q1 2023, compared to $1.37 in the same period last year.
The average number of common shares outstanding used for basic earnings per common share was 1,741,738 in Q1 2023, while the figure was slightly higher at 1,761,911 in Q1 2022.
In addition to net earnings, Abbott Laboratories reported comprehensive income of $1.33 billion for the first quarter of 2023. In Q1 2022, comprehensive income was $2.35 billion.
Balance Sheet Highlights
As of March 31, 2023, Abbott Laboratories' total assets were valued at $73.79 billion, slightly lower than the figure of $74.44 billion reported on December 31, 2022.
Despite the challenging economic conditions and ongoing global health concerns, Abbott Laboratories remains committed to its mission of improving lives through innovative healthcare solutions. The company continues to focus on research and development to introduce new products and technologies to address the changing needs of patients worldwide.
The financial data provided in this news article is unaudited and subject to change. For a complete and accurate understanding of Abbott Laboratories' financial performance, readers are advised to refer to the official audited financial statements and accompanying notes.