ABT Inventory Tumbles As Narrower-Than-Anticipated Declines Outweigh Beat

Early Wednesday, Abbott Laboratories (ABT) reported adjusted earnings of $1.15 per share on $10.41 billion in third-quarter gross sales. In response, ABT inventory tumbled.

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On common, analysts polled by FactSet anticipated the well being care large to report per-share earnings of 94 cents and $9.65 billion in gross sales.

Within the year-earlier interval, Abbott earned $1.40 a share on $10.93 billion in gross sales.

Abbott raised its earnings steerage for the yr and now expects adjusted revenue of $5.17-$5.23 per share. The corporate additionally initiatives $7.8 billion in full-year Covid testing gross sales, which incorporates $7.3 billion up by means of the tip of the third quarter.

ABT inventory analysts forecasted adjusted earnings of $5.06 per share and $42.49 billion in complete gross sales. The corporate did not supply a full-year income outlook.

In premarket trades on at present’s inventory market, ABT inventory toppled 3.8% to 101.

Extra to observe.

Observe Allison Gatlin on Twitter at @IBD_AGatlin.

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