Categories AlphaGraphs, Earnings, Health Care, LATEST

Abbott Laboratories (ABT) reports in-line earnings for Q3; sales miss view

Abbott Laboratories’ (NYSE: ABT) third quarter 2019 earnings came in line with the market’s projections, while sales missed the expectations. The pharma company reported adjusted EPS of $0.84 on sales of $8.08 billion. Wall Street had forecasted Abbott to post earnings of $0.84 on sales of $8.11 billion. Abbott stock dipped 2% in the pre-market trading session.

Abbott Laboratories (ABT) reports in-line earnings for Q3; sales miss view, narrows FY19 outlook

Abbott’s sales increased 5.5% on a reported basis and 7.6% on an organic basis, helped by its strong product portfolio, which includes key products such as FreeStyle Libre, MitraClip and Alinity. GAAP EPS from continuing operations increased to $0.53 for three months ended September 30, 2019, from $0.31 a year ago.

Abbott narrowed its full-year 2019 outlook for GAAP EPS from continuing operations to $2.06 to $2.08, and full-year adjusted EPS from continuing operations to $3.23 to $3.25, reflecting 12.5% growth versus the prior year at the midpoint of the range.

When Abbott reported second quarter results, it had projected FY19 GAAP EPS to in the range of $2.06 to $2.12 and adjusted EPS from continuing operations in the range of $3.21 to $3.27.

For the fourth quarter of 2019, Abbott expects GAAP EPS from continuing operations of $0.59 to $0.61. Excluding certain items, adjusted EPS from continuing operations is projected to be $0.94 between $0.96 for the fourth quarter.

Read: What to expect from United Rentals (URI) Q3 results?

Commenting on the third quarter results, CEO Miles White said, “Our growth potenital is the best I’ve seen during my time at Abbott. We’re delivering impressive results on both the top and bottom lines and have a strong new product pipeline.”

The Illinois-based company received U.S. approval for its next-generation MitraClip device (MitraClip G4) for mitral valve repair during the third quarter. FreeStyle Libre, Abbott’s sensor-based glucose monitoring system listed in any Canadian provincial health plan, gained public reimbursement in Ontario and Quebec in September.

Abbott’s new partnerships with Sanofi, Omada Health and Tandem Diabetes Care are expected to benefit the company in the field of diabetes care.

Abbott stock had gained 13% since the beginning of this year and 16% from this time last year.

Browse through our earnings calendar and get all scheduled earnings announcements, analyst/investor conference and much more!

Most Popular

Does Unity Software (U) stock has more room to run?

Last month, the IPO market was in a full swing. IPOs of Snowflake (NYSE: SNOW) and JFROG (NASDAQ: FROG) had an impressive opening day in September, the former creating a

PepsiCo (PEP): Steady snacking habits amid pandemic drive strong quarter for beverage giant

PepsiCo Inc. (NASDAQ: PEP) beat market expectations on both revenue and earnings for the third quarter of 2020. The company saw the momentum continue in its snacks business while the

Does the virus-driven boom make Electronic Arts (EA) a good investment?

With more and more people turning to virtual entertainment sources, amid the virus-related movement restrictions, video game publishers like Electronic Arts (NASDAQ: EA) are witnessing unusually high demand. Not surprisingly,

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top