Abbott Labs Beats Q3 Sales And Earnings Expectations, Raises Full-Year Outlook -- MarketWatch

MarketWatch · 10/16 12:25

Abbott Laboratories (ABT) on Wednesday reported better-than-expected third-quarter earnings and sales, boosted by strength in the company's medical-devices business. The Abbott Park, Ill.-based healthcare products company also raised the midpoint of its full-year earnings guidance. Abbott reported net income of $1.646 billion, or 94 cents a shares, up from $1.436 billion, or 82 cents a share, in the prior year's quarter. On an adjusted basis, earnings came to $1.21 a share, beating the FactSet consensus of $1.20. Sales were $10.635 billion, versus $10.143 billion in the same period last year. Analysts surveyed by FactSet were looking for sales of $10.551 billion. The company's medical-device business generated $4.747 billion in the quarter, an increase of 11.7% on the prior year's quarter. Abbott also raised the midpoint of its full-year earnings guidance, as its new range calls for earnings between $3.34 and $3.40, versus its prior guidance of $3.30 to $3.40. The company also raised the midpoint of its full-year adjusted earnings guidance, as its new range calls for earnings between $4.64 and $4.70, from its prior guidance of $4.61 to $4.71. Abbott maintained its full-year 2024 organic sales growth guidance range of 9.5% to 10%, excluding COVID-19 testing-related sales. Abbott's stock is down 1.03% in premarket trades.

-James Rogers

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October 16, 2024 08:25 ET (12:25 GMT)