Abbott Q3 Results: Sales Forecast and Medical Device Growth
Abbott (NYSE: ABT) shares fell before hours today due to third-quarter results that did not meet the consensus Wall Street forecast.
Shares of ABT dropped 2.7% to $129.10 in pre-market trading and continued to decline by more than 3.2% to $128.35 by midday.
The company reported profits of $1.64 billion, or 94¢ per share, on sales of $11.37 billion for the three months ended September, with a 6.9% sales increase and a 0.1% dip in the bottom line year-over-year.
Adjusted earnings per share were $1.30, meeting Wall Street expectations, but sales were slightly below forecasts of $11.39 billion.
Worldwide Medical Device sales drove the growth, increasing by 14.8% in the quarter.
Abbott's results were mixed, with Medical Device sales growth of nearly 15% being a highlight.
No direct quote available in the text.
Author's summary: Abbott's Q3 results showed mixed performance.
- Sales: $11.37 billion
- Medical Device sales growth: 14.8%
- Earnings per share: $1.30 (adjusted)