Healthcare giant Abbott Laboratories (ABT) reported its quarterly results for its second quarter of 2018 today before the opening bell. The company posted earnings of $733 million, or $0.40 per share on worldwide sales of $7.8 billion, up 17% year-over-year. On an adjusted basis, the company reported earnings of $0.73 per share, beating estimates.
In terms of sales, analysts expected an increase of 16.7% over the prior-year quarter at $7.7 billion. Shares rose more than 1.5% in pre-market trading, post the earnings release.
“All four of our businesses exceeded expectations and contributed to strong growth overall. We forecast continued strong performance and are raising our full-year outlook despite recent currency shifts,” said Miles White, CEO.
Yet again, Abbott’s diagnostic business posted strong growth of 47%, driven by the synergies of the Alere acquisition. Medical devices business, the company’s highest sales contributor, saw its sales grow 11%, thanks to the strong demand for the company’s FreeStyle Libre device.
Backing the positive results, Abbott raised its full-year 2018 earnings guidance, with EPS from continuing operations now expected in the range of $1.34 to $1.40, up from the earlier expected range of $1.23 to $1.33 range. On an adjusted basis, EPS from continuing operations for full-year is now expected in the range of $2.85 to $2.91, higher than the earlier expected $2.80 to $2.90 range.
For third quarter of 2018, Abbott sees EPS from continuing operations coming in the range of $0.32 to $0.34, while adjusted EPS from continuing operations is anticipated to be $0.73 to $0.75.
On a regional basis, Abbott saw strong performance across its geographies, led by growth in many regions across Asia, including Greater China, and Latin America.
The company’s peers Johnson & Johnson (JNJ) reported a sales growth of more than 10% for its last reported quarter yesterday. Additionally, its other competitors to the likes of Boston Scientific (BSX) and Edwards Lifesciences (EW) are expected to post growth of 15% and 9% respectively for their upcoming quarter releases.
For the trailing 12 months, the stock has returned over 28% to the company’s long-term investors, while the returns also remained positive for the short-term, giving a reasonable 6% return for its investors since the beginning of 2018.
Related Infographics: Q1 earnings
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 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
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,