Abbott Laboratories (NYSE:ABT) reported on Wednesday a notable increase in its first quarter sales for 2024, which rose by 2.2% to reach $9.9 billion, surpassing analysts’ expectations. However, the company experienced a decline in net earnings, which fell by 7.0% to $1.2 billion, and diluted earnings per share (EPS) decreased by 6.7% to $0.70.

Despite the downturn in profitability, the healthcare giant has adjusted its financial outlook upwards for the year. Abbott now forecasts a full-year diluted EPS on a GAAP basis to be between $3.25 and $3.40. Additionally, the company’s full-year 2024 organic sales growth guidance is projected to range from 8.5% to 10.0%.

Chairman and CEO Robert B. Ford expressed optimism about the company’s performance, stating, “Our first-quarter results reflect a strong start to the year, and we are raising our full-year sales and EPS guidance […] This was the fifth consecutive quarter that we delivered double-digit organic sales growth in our underlying base business.” This statement highlights the company’s confidence in its operational strength and its ability to sustain growth amidst challenging market conditions.