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.
Shares of ABT fell 2.7% to $129.10 apiece in pre-market trading and continued to dip 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 bottom line year-over-year.
Adjusted earnings per share came in at $1.30, meeting Wall Street expectations, but sales fell short of forecasts, with experts projecting $11.39 billion in revenue.
Worldwide Medical Device sales drove the nearly 7% sales growth, increasing by 14.8% in the quarter.
No direct quotes available in the text.
Author's summary: Abbott's Q3 results fell short of sales forecast despite 15% Medical Device sales growth.
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