Abbott Stock Is Rising. Earnings Beat and Guidance Was Strong. | ABT Message Board Posts


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Msg  110 of 111  at  10/18/2023 6:27:45 PM  by

jerrykrause


Abbott Stock Is Rising. Earnings Beat and Guidance Was Strong.

Abbott Stock Is Rising. Earnings Beat and Guidance Was Strong.

. 
; New York

  

Abbott Laboratories stock was rising Wednesday after the maker of healthcare products reported strong earnings and revenue.

Abbott (ticker: ABT) reported third-quarter earnings of $1.14 a share on revenue of $10.1 billion. Analysts surveyed by FactSet had expected earnings of $1.10 a share on revenue of $9.82 billion.

Sales declined slightly from the prior year, led by a 33% drop in diagnostics-segment revenue from 2022, and worldwide Covid-19 testing-kits sales were $305 million in the quarter compared with $1.67 billion a year ago.

However, sales in the company's nutrition, established pharmaceuticals, and medical-devices segments all increased from the previous year.

Abbott also narrowed 2023 adjusted earnings-per-share guidance to $4.42 to $4.46, lifting the midpoint to $4.44. In its second-quarter report, Abbott had guided 2023 earnings per share of $4.30 to $4.50, with a midpoint of $4.40.

"The investments we made during the pandemic continue to drive broad-based growth across our underlying base business," CEO Robert Ford said in the earnings release.

Abbott stock was up 1.1% Wednesday to $93.14.The stock has dropped 15% so far this year.

 


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