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Abbott Posts Earnings Beat and Boosts Guidance. The Stock Trades Lower.Abbott Posts Earnings Beat and Boosts Guidance. The Stock Trades Lower. Barron's (Online); New York Abbott Laboratories fell in premarket trading Wednesday, even after the company handily beat second-quarter earnings estimates and raised guidance. Abbott (ticker: ABT) reported sales of $11.3 billion, up 10.1% from the same quarter last year and well above the FactSet consensus for $10.3 billion. Revenue growth was driven by $2.3 billion in global Covid-19 testing sales. Adjusted earnings were $1.43 a share, topping estimates of $1.12. The company raised its full-year guidance for 2022, saying it now expects full-year adjusted earnings per share of at least $4.90, above consensus estimates for $4.88. "We achieved another quarter of strong growth and are raising our full-year EPS guidance," said Robert Ford, Abbott's chief executive officer. "Our new product pipeline has remained highly productive, and our diversified business has continued to be resilient in a challenging macro environment." Still, Abbott stock was down 1.9% to $107.85 in premarket trading. The shares have lost about 22% this year. The company has been at the center of a nationwide baby formula shortage after it was forced to recall certain lots of Similac, EleCare, and Alimentum powdered products made at its Sturgis, Mich., plant. Abbott also halted production of baby formula at the plant for several months, which has since restarted . On Wednesday, the company said the voluntary recall contributed to a 4.5% decline in sales for its nutrition segment. |
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