Abbott Q3 Results Fall Short of Sales Forecast
Abbott (NYSE: ABT) shares declined before hours today due to third-quarter results that did not meet the consensus Wall Street forecast.
The company reported a profit of $1.64 billion, which equals 94¢ per share on sales of $11.37 billion for the three months ended September. This represents a 0.1% year-over-year decrease in profits and a 6.9% increase in sales.
Adjusted earnings per share were $1.30, meeting Wall Street expectations. However, sales were slightly below forecasts, with experts projecting $11.39 billion in revenue.
A notable highlight was the 14.8% growth in worldwide Medical Device sales, driving the company's nearly 7% overall sales growth.
Shares of ABT fell 2.7% to $129.10 in pre-market trading and continued to decline by over 3.2% to $128.35 by midday.
No direct quote available in the text.
Author's summary: Abbott's Q3 results show a slight decline in profits and a miss in sales forecast.
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