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ABBOTT PARK (AP) — Abbott Laboratories (ABT) on Wednesday reported second-quarter net income of $1.01 billion.

On a per-share basis, the Abbott Park, Illinois-based company said it had net income of 56 cents. Earnings, adjusted for one-time gains and costs, came to 82 cents per share.

The results exceeded Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 80 cents per share.

The maker of infant formula, medical devices and drugs posted revenue of $7.98 billion in the period, which fell short of Street forecasts. Seven analysts surveyed by Zacks expected $7.99 billion.

For the current quarter ending in October, Abbott expects its per-share earnings to range from 83 cents to 85 cents.

The company expects full-year earnings in the range of $3.21 to $3.27 per share.

Abbott shares have increased 15% since the beginning of the year, while the Standard & Poor's 500 index has increased 20%. The stock has climbed 35% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ABT at https://www.zacks.com/ap/ABT

The Associated Press