CHICAGO (AP) _ Abbott Laboratories on Thursday reported 10 percent jump in first-quarter profit, citing strong sales of its hospital and laboratory products.

For the three months ended March 31, net income rose to $590 million, or 76 cents a diluted share, from $535 million, or 68 cents a diluted share the comparable period a year earlier.

The earnings matched Wall Street expectations. The North Chicago, Ill.-based company's stock rose 68 3/4 cents to close at $76.37 1/2 on the New York Stock Exchange.

Overall sales rose to $3.05 billion from $3 billion but was undercut by the strong dollar, which reduces the returns when foreign sales are repatriated.

Sales of pharmaceutical and nutritional products fell 1 percent to $1.81 billion. Without the impact of lower foreign currency conversion rates sales would have increased 2 percent, the company said.

Hospital and laboratory products sales rose 6 percent to $1.24 billion. Without the exchange-rate impact, sales would have increased by 10 percent, the company reported.