ABBOTT LABORATORIES [ABT] has reported a net loss of $1.2 billion for quarter ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the quarter was $10 billion
Based in ABBOTT PARK, Illinois, ABBOTT LABORATORIES operates in the MANUFACTURING sector.
In the first quarter of 2024, the company reported net sales of $9.964 million, compared to $9.747 million in the same period in 2023. The revenue increased slightly year-over-year.
Cost of products sold, excluding amortization of intangible assets, was $4.463 million in the current quarter, up from $4.331 million in the previous year's quarter. Amortization of intangible assets decreased from $491 million to $472 million.
Research and development expenses rose to $684 million from $654 million, while selling, general, and administrative costs also increased to $2.959 million from $2.762 million. Total operating costs and expenses amounted to $8.578 million in the current quarter, compared to $8.238 million in the same period last year.
Operating earnings decreased to $1.386 million in the first quarter of 2024 from $1.509 million in the first quarter of 2023.
Interest expense dropped to $141 million from $153 million, while interest income improved to ($80) million from ($101) million. Net foreign exchange recorded no gain or loss in the current quarter, compared to a $6 million loss in the previous year's quarter.
Earnings before taxes decreased to $1.436 million from $1.562 million. Taxes on earnings were $211 million in the first quarter of 2024, down from $244 million in the first quarter of 2023.
The company reported net earnings of $1.225 million in the current quarter, a decline compared to $1.318 million in the same period last year.
Basic earnings per common share remained constant at $0.70, as did diluted earnings per common share at $0.70. The average number of common shares outstanding used for basic and diluted earnings per common share also remained relatively stable year-over-year.
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