RTTNews | Jun 1, 2021 08:21AM EDT

08:21 Tuesday, June 1, 2021 (RTTNews.com) - Providing an update to its financial outlook on Tuesday, Abbott Laboratories (ABT) lowered its earnings and adjusted earnings guidance for the full-year 2021, due to significantly lower recent and projected COVID-19 diagnostic testing demand. The company also issued outlook for the second quarter.

For fiscal 2021, the company now projects earnings from continuing operations in a range of $2.75 to $2.95 per share and adjusted earnings from continuing operations in a range of $4.30 to $4.50 per share, reflecting a double-digit growth from last year.

Previously, the company expected earnings from continuing operations of at least $3.74 per share and adjusted earnings from continuing operations of at least $5.00 per share, reflecting a growth of more than 35 percent from last year.

On average, 24 analysts polled by Thomson Reuters expect the company to report earnings of $5.04 per share for the year. Analysts' estimates typically exclude special items.

For the second quarter, the company expects earnings from continuing operations of at least $0.39 per share and adjusted earnings from continuing operations of at least $1.00 per share. The Street is looking for earnings of $1.23 per share for the quarter.

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