Abbott Q3 Results Fall Short of Sales Forecast
Abbott (NYSE: ABT) shares declined before hours today due to third-quarter results that failed to meet the consensus Wall Street forecast.
The company reported profits of $1.64 billion, equivalent to 94¢ per share, on sales of $11.37 billion for the three months ended September. This represents a 0.1% year-over-year decline in the bottom line 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.
Shares of ABT fell 2.7% to $129.10 in pre-market trading and continued to decline by more than 3.2% to $128.35 by midday, before closing the day at $129.46.
No direct quote available in the text.
Abbott's Medical Device sales grew 15%.
Author's summary: Abbott's Q3 results miss sales forecast.