Abbott (NYSE:ABT) shares are down in pre-market trading after the healthcare giant posted third-quarter results that just met the consensus earnings forecast but missed on revenues and narrowed its outlook for the rest of the year.
Abbott Park, Ill.-based Abbott reported profits of $960 million, or 53¢ per share, on sales of $8.08 billion for the three months ended Sept. 30, marking a botom-line gain of 70.5% on sales growth of 5.5% compared with Q3 2018. Adjusted to exclude one-time items, earnings per share were 84¢, in line with the consensus on Wall Street, where analysts were looking for sales of $8.10 billion.
“We’re performing exceptionally well across several areas,” chairman & CEO Miles White said in prepared remarks. “We’re right on track to achieve ongoing EPS and organic sales growth at the upper-end of our initial guidance ranges for the year.”
Abbott said it now expects to report adjusted EPS of $3.23 to $3.25, compared with $3.21 to $3.27 previously. Fourth-quarter adjusted EPS are pegged at 94¢ to 96¢, the company said.
ABT shares, which closed up 2.7% at $81.98 apiece yesterday, were off by -1.7% to $80.55 each today in pre-market trading.