AbbottBusinessSquashes

Abbott Labs Squashes Quarterly Views As Covid Testing Sales Pop

Early Wednesday, Abbott Laboratories (ABT) reported adjusted profit of $1.40 per share and $10.93 billion in sales for its third quarter. In response, ABT stock advanced.




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On average, analysts polled by FactSet expected Abbott to earn 94 cents per share on $9.56 billion in sales. The medical behemoth is one of the biggest makers of Covid diagnostic tests. During the quarter, Covid testing sales generated $1.9 billion, up from $1.3 billion in the second quarter.

In the year-earlier period, Abbott earnings were 98 cents per share and the company reported $8.85 billion in sales.

For the year, Abbott Labs raised its adjusted earnings outlook to $5-$5.10 per share. The company didn’t offer a sales target. ABT stock analysts called for income of $4.46 per share and $39.99 billion in sales.

In premarket trading on the stock market today, ABT stock leapt 2.8% near 122.70. Shares are now forming a flat base with a buy point at 129.80, according to MarketSmith.com.

More to follow.

Follow Allison Gatlin on Twitter at @IBD_AGatlin.

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