Abbott Laboratories (NYSE:ABT) surpassed expectations for its first-quarter earnings and revenue, but subsequently narrowed its earnings forecast for the full year 2024, resulting in a more than 3% drop in shares intra-day today. The healthcare company reported earnings of $0.98 per share, which was above the consensus estimate of $0.96. Revenue for the quarter was $9.96 billion, also exceeding expectations of $9.89 billion.

For the upcoming second quarter of 2024, Abbott anticipates earnings per share will be between $1.08 and $1.12, compared to the analyst predictions of $1.12.

For the entire year, Abbott refined its earnings per share forecast to a narrower range of $4.55 to $4.70, tightening from an earlier projection of $4.50 to $4.70, with consensus estimates at $4.62.

In addition, Abbott adjusted its 2024 guidance for organic sales growth, now expecting an increase of between 8.5% and 10.0%, excluding sales related to COVID-19 testing. This update reflects a more optimistic midpoint compared to previous forecasts.