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

V Earnings: Key quarterly highlights from Visa’s Q1 2023 financial results

Visa Inc. (NYSE: V) reported first quarter 2023 earnings results today. Net revenues grew 12% year-over-year to $7.9 billion. GAAP net income rose 6% to $4.2 billion while EPS grew

Earnings: Highlights of Intel’s (INTC) Q4 2022 financial results

Intel Corporation (NASDAQ: INTC) Thursday reported a decline in adjusted earnings and revenues for the fourth quarter. The semiconductor giant also provided guidance for the first quarter of 2023. Fourth-quarter

McCormick (MKC) expects to drive sales growth in 2023 through pricing actions and cost savings

Shares of McCormick & Company Inc. (NYSE: MKC) were down over 5% on Thursday after the company missed expectations on its fourth quarter 2022 results and provided a lower-than-expected earnings

Add Comment
Viewing Highlight