Abbott Drops as Earnings Forecast Falls Short on Strong Dollar
- Sales fell 3.1% last quarter, hit by the foreign exchange
- Shares decline as much as 8.8% to lowest since April 2014
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Abbott Laboratories fell to the lowest since April 2014 after the largest maker of heart stents gave a first-quarter profit forecast range that trailed analysts’ estimates, citing the impact of the stronger dollar and its struggling Venezuelan business.
Profit is expected to be 38 cents to 40 cents a share in the current quarter, excluding items, Abbott said in a statement Thursday, falling short of the 47-cent average projection compiled by Bloomberg.