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’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.
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.
Most Popular
CVX Earnings: Chevron reports lower revenue and profit for Q3 2024
Energy exploration company Chevron Corporation (NYSE: CVX) on Friday announced third-quarter 2024 financial results, reporting a decline in net profit and revenues. Net income attributable to Chevron Corporation dropped to
Key highlights from Exxon Mobil Corporation’s (XOM) Q3 2024 earnings results
Exxon Mobil Corporation (NYSE: XOM) reported its third quarter 2024 earnings results today. Total revenues and other income remained relatively flat at $90 billion compared to the same period a
AAPL Earnings: Apple Q4 2024 sales rise 6% YoY, beat estimates
Apple Inc. (NASDAQ: AAPL) reported an increase in revenues for the fourth quarter of 2024. The top line came in above estimates. The gadget giant generated revenues of $94.9 billion