Abbott Q3 Results
Abbott (NYSE: ABT) shares fell before hours today due to third-quarter results that did not meet the consensus Wall Street forecast.
The company reported a profit of $1.64 billion, or 94¢ per share, on sales of $11.37 billion for the three months ended September. This represents a 0.1% year-over-year decrease in profits and a 6.9% increase in sales.
Adjusted earnings per share were $1.30, meeting Wall Street expectations. However, sales fell short of forecasts, with experts projecting $11.39 billion in revenue.
Worldwide Medical Device sales drove the company's nearly 7% sales growth, increasing by 14.8% in the quarter.
Adjusted earnings per share came in at $1.30, equaling expectations on Wall Street.
- Profit: $1.64 billion
- Earnings per share: 94¢
- Sales: $11.37 billion
- Medical Device sales growth: 14.8%
Abbott's shares fell 2.7% to $129.10 in pre-market trading and continued to dip by more than 3.2% to $128.35 by midday.
Author's summary: Abbott's Q3 results fell short of sales forecasts.