Early Wednesday, Abbott Laboratories (ABT) reported adjusted earnings of $1.15 per share on $10.41 billion in third-quarter sales. In response, ABT stock tumbled.
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On average, analysts polled by FactSet expected the health care giant to report per-share earnings of 94 cents and $9.65 billion in sales.
In the year-earlier period, Abbott earned $1.40 a share on $10.93 billion in sales.
Abbott raised its earnings guidance for the year and now expects adjusted profit of $5.17-$5.23 per share. The company also projects $7.8 billion in full-year Covid testing sales, which includes $7.3 billion up through the end of the third quarter.
ABT stock analysts forecasted adjusted earnings of $5.06 per share and $42.49 billion in total sales. The company didn’t offer a full-year revenue outlook.
In premarket trades on today’s stock market, ABT stock toppled 3.8% to 101.
More to follow.
Follow Allison Gatlin on Twitter at @IBD_AGatlin.
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