Boston, MA 04/11/2014 (wallstreetpr) – Abbott Laboratories (NYSE:ABT) is a health care company that discovers, designs, manufactures and markets a wide range of healthcare products around the world.
The company announced that it promoted Rosemary Haas to the chief federal lobbyist position. Ms. Haas will replace Kristin Morris who held the position, but has now moved to Cleveland Clinic.
In the capacity of VP of federal affairs, Ms. Haas is expected to articulate the company’s interests that may include lobbying for the repeal of certain regulatory measures that are considered unfriendly for the company and by extension the industry.
Currently, Abbott Laboratories (NYSE:ABT) is keen on addressing nutrition, tax and health care policy issues, and it expects Ms. Haas to get the job done. Expectedly, Ms. Haas will immediately help the company to address the issue around tax on medical devices under the Affordable Care Act.
Drop in lobbying spending
Abbott Laboratories (NYSE:ABT) spent less in federal lobbying efforts in 2013 than it did in 2012. The company, according to regulatory disclosures, spent $2.1 million on federal government lobbying activities last year. That figure was below the $6.2 million which the company reportedly spent in 2012.
Positive earnings
The company announced that it will release its first quarter 2014 results on April 16; the release will take place before the market opens.
Following the financial results release, the company announced it will hold a conference call with analysts and investors. The company’s executives will discuss the details of the results, and provide a glimpse into the expected performance for the current year.
Analysts expect the company to report positive earnings per share. The Zacks’ consensus estimate for the quarter is 35 cents per share. The company posted net income from continuing operations of $918 million, translating to 58 cents per share. The earnings were in-line with Thomson Reuters’ consensus estimate.
For the current fiscal year, the health care products company issued ongoing earnings per share outlook of between $2.16 and $2.26. These projections reflect potential double-digit increase in earnings.
