Abbott Laboratories shares surged Wednesday after the company reported first-quarter earnings that beat analyst expectations.
The medical device maker also said it plans to invest $500 million in plants in Illinois and Texas that are set to open this year.
The stock has gained about a quarter in the past 12 months.
Abbott Laboratories (ABT) shares surged Wednesday after the medical device maker said it plans to invest $500 million in its U.S. operations and its first-quarter results beat Wall Street expectations.
Abbott said Wednesday that two new manufacturing and research and development centers in Texas and Illinois will be operational this year. An Abbott spokesman said it expects to hire up to 200 employees in Illinois and 100 in Texas.
Abbott shares recently rose nearly 4%, making it one of the best single-day performers in the S&P 500. Abbott shares have gained about a quarter in the past 12 months.
Abbott reported first-quarter revenue of $10.4 billion, up 4% year-over-year, roughly in line with Visible Alpha analyst expectations. Adjusted net income of $1.92 billion, or $1.09 per share, compared with $1.73 billion, or 98 cents per share, a year ago, beating Wall Street expectations. Medical device sales rose 10% to $4.9 billion, also beating expectations.
Looking ahead, Abbott maintained its full-year adjusted earnings per share (EPS) forecast of $5.05 to $5.25, compared with analysts’ consensus estimate of $5.16. According to a transcript of Abbott’s earnings call provided by AlphaSense, CEO Robert Ford said Abbott Laboratories had considered raising its EPS guidance before the Trump administration’s recent announcement of tariffs.
