Healthcare giant Abbott Laboratories (ABT) is set to report third-quarter results on Wednesday at 7:45 am EDT. Analysts project earnings to increase by 13.6% to $0.75 per share and revenue to grow 12% to $7.65 billion for the quarter.
A majority of the analysts recommend a “Strong Buy” or “Buy” rating with an average price target of $76.31. The company had earlier surprised investors with upbeat results in the past four quarters.
Abbott anticipates 2017 portfolio addition Rapid Diagnostics to contribute $500 million to its top line. However, during this quarter, revenue will be impacted by currency headwinds of about 2%, which will shrink organic sales growth. The organic sales were anticipated to rise in the mid-to-high single digits range.
The company’s segments Medical Devices, Established Pharmaceuticals, and Diagnostics are anticipated to yield lesser return during the third quarter compared to the last quarter as the company expects mid-to-high-single-digit sales growth from the segments. Nutrition segment sales are likely to be in the mid-single-digit growth range.
For the third quarter, the synergies of the Alere purchase is likely to be the driver of the diagnostic business, while the strong FreeStyle Libre device demand continues to back medical devices business. Strong growth in Greater China and Latin America continue to drive geographical sales. Abbott is expected to revise or update its full-year 2018 guidance based on the third quarter performance.
The company’s peers Johnson & Johnson (JNJ) is expected to report upbeat results for the third quarter on Tuesday. Investors will be keenly watching sales figures from Johnson & Johnson’s oncology drugs section. The company will be looking at growth in Pharmaceutical and Medical Devices businesses to drive the stock upward.
Additionally, its other competitors to the likes of Boston Scientific (BSX) and Edwards Lifesciences (EW) are expected to post earnings growth of 9.7% and 21.4% respectively for their upcoming quarter releases during next week.
Shares of Abbott ended Monday’s regular session down 0.65% at $68.88 on the NYSE. The stock has risen over 26% in the past year and over 20% in the year so far.
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
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
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