Business

AbbVie 2Q profit climbs 2.8 percent

Posted July 25, 2014 1:01 am

Associated Press

AbbVie Inc. on Friday reported profit that increased by 2.8 percent in its second quarter, and topped analysts' expectations.

The North Chicago,-based company said earnings increased to $1.1 billion, or 68 cents per share, from $1.07 billion, or 66 cents per share, in the same quarter a year earlier.

Earnings, adjusted for non-recurring costs and amortization costs, came to 82 cents per share. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 76 cents per share.

The company said revenue rose 5 percent to $4.93 billion from $4.69 billion in the same quarter a year earlier.

AbbVie shares have climbed $1.27, or 2.4 percent, to $54.08 since the beginning of the year, while the Standard & Poor's 500 index has climbed 7.6 percent. The stock has increased $9.84, or 22 percent, in the last 12 months.

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