Abbott exceeds Q2 earnings estimates; raises 2019 outlook

Abbott Laboratories’ (NYSE: ABT) second quarter earnings topped estimates, while revenue came in line with the expectations. The company also lifted its earnings guidance for the full-year 2019. Shares of Abbott were trading up about 1% in the pre-market trading hours.

For the second quarter, Abbott reported GAAP EPS from continuing operations of $0.56 and adjusted EPS from continuing operations of $0.82. Worldwide sales rose 2.7% to $8 billion. On an organic basis, worldwide sales advanced by 7.5%.

Based on the strong momentum and sustainable sales growth, Abbott lifted its full-year 2019 outlook. Organic sales are now expected to grow between 7% and 8% versus the prior range of 6.5-7.5%.

Abbott now projects full-year 2019 GAAP earnings to be between $2.06 to $2.12 per share versus the previous estimate of $1.95 to $2.05. Adjusted EPS from continuing operations is expected to be in the range of $3.21 to $3.27 compared to the previous outlook of $3.15-3.25.

For the third quarter of 2019, Abbott views GAAP EPS from continuing operations to be between $0.53 and $0.55, and adjusted EPS from continuing operations to be in the range of $0.83 to $0.85.

On Monday, Abbott Park, Illinois-based firm received FDA’s approval for MitraClip G4, the company’s fourth-generation heart valve repair device to treat mitral regurgitation. Worldwide sales of MitraClip soared 26.7% to $169 million in the second quarter.

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In July, the company also received the FDA’s approval for its Alinity-S diagnostics system, a technology for screening and protecting the U.S. blood and plasma supply.

Last month, Abbott’s Board of Directors declared a quarterly cash dividend of $0.32 per share, which is payable on August 15, 2019, to shareholders of record as of July 15, 2019.

Abbott stock had advanced 15% so far in 2019 and 35% in the past 12 months.

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