Abbott Q3 Results Fall Short of Sales Forecast
Abbott (NYSE: ABT) shares declined before hours today due to third-quarter results that did not meet the consensus Wall Street forecast.
Shares of ABT fell 2.7% to $129.10 apiece in pre-market trading and continued to dip by more than 3.2% to $128.35 by midday.
The company reported profits of $1.64 billion, or 94¢ per share, on sales of $11.37 billion for the three months ended September.
Abbott's bottom line decreased by 0.1% year-over-year, while sales increased by 6.9%. 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 growth, increasing by 14.8% in the quarter.
Abbott's Medical Device sales grew 15%.
Author's summary: Abbott's Q3 results missed sales forecast.