Abbott Q3 Results Fall Short of Sales Forecast
Abbott (NYSE: ABT) shares declined before hours today due to third-quarter results that failed to meet the consensus Wall Street forecast.
The company reported profits of $1.64 billion, equivalent to 94¢ per share, on sales of $11.37 billion for the three months ended September. This represents a 0.1% year-over-year decline in profits and a 6.9% increase in sales.
Adjusted earnings per share were $1.30, meeting Wall Street expectations. However, sales fell short of forecasts, with experts projecting $11.39 billion in revenue.
Shares of ABT initially fell 2.7% to $129.10 apiece in pre-market trading and continued to decline by more than 3.2% to $128.35 by midday. They eventually closed the day at $129.46 apiece, slightly up from the earlier decline.
Notably, Medical Device sales grew 15%.
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Author's summary: Abbott's Q3 results missed sales forecast despite Medical Device sales growth.