RTTNews | Jun 1, 2021 09:58AM EDT

09:57 Tuesday, June 1, 2021 (RTTNews.com) - Shares of Abbott Laboratories (ABT) are down more than 5% Tuesday morning after the company cut its full-year earnings outlook, citing lower Covid-19 testing demand.

The company currently sees earnings from continuing operations of $4.30 to $4.50 for the full-year, compared with at least $5 per share, it had projected in January.

On average, 24 analysts polled by Thomson Reuters expect the company to report earnings of $5.04 per share.

"We've recently seen a rapid decline in COVID-19 testing demand and anticipate this trend will continue, which led us to adjust our full-year guidance," said Robert B. Ford, president and chief executive officer, Abbott. "At the same time, excluding COVID-19 tests, our organic base business growth is accelerating, we continue to see improving end-markets and our new product pipeline continues to be highly productive."

ABT, currently at $109.87, has traded in the range of $86.16- $128.54 in the past one year.

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