Reckitt Sales Defy Forecast After Baby Formula Legal Row [BNN Bloomberg (Canada)]
Abbott Laboratories (ABT)
Last abbott laboratories earnings: 4/16 07:30 am
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Source: BNN Bloomberg
Sales rose 1.5% in the first quarter, ahead of expectations, after the company sold more products like Durex condoms and Dettol disinfectant. The group still expects full-year sales growth of between 2% and 4%. New Chief Executive Officer Kris Licht is trying to revive growth at the consumer goods company that's reeling from a damaging court verdict related to some of its infant formula brands and lower demand for cold and flu medicines. Like other branded goods makers, he's also grappling with inflation-hit shoppers trading down to supermarket own brands. Sales at its nutrition unit fell almost 10% in the quarter as Reckitt's US baby formula returns to more normal levels after a supply shortage caused by competitor Abbott's voluntary recall spiked demand. Licht said the quarter's performance was in line with the company's expectations, and that Reckitt is returning to growth that's not just reliant on price rises fueled by inflation. Consumers are also starting to switch back
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ABT
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- 4/17/24 - Beat
ABT
Sec Filings
- 5/8/24 - Form 4
- 5/7/24 - Form 144
- 5/2/24 - Form 10-Q
- ABT's page on the SEC website