Abbott Q3 Results
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 decreased by 2.7% to $129.10 apiece in pre-market trading and continued to dip by more than 3.2% to $128.35 by midday. However, they closed the day slightly up at $129.46 apiece.
The company reported profits of $1.64 billion, which equals 94¢ per share on sales of $11.37 billion for the three months ended September. Abbott’s bottom line decreased by 0.1% year-over-year on a sales increase of 6.9%.
Adjusted to exclude one-time items, earnings per share came in at $1.30, meeting Wall Street expectations. However, sales fell just shy of forecasts, with experts projecting $11.39 billion in revenue.
Medical Device sales grew 15%, a notable highlight in the report.
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Author's summary: Abbott's Q3 results fell short of sales forecasts despite meeting earnings expectations.