Abbott Q3 Results Fall Short of Sales Forecast
Abbott (NYSE: ABT) shares declined in pre-market trading after the company reported third-quarter results that failed to meet the consensus Wall Street forecast.
The company's shares 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, before closing the day slightly up at $129.46 apiece.
Abbott reported profits of $1.64 billion, equivalent to 94¢ per share, on sales of $11.37 billion for the three months ended September. The company's bottom line decreased 0.1% year-over-year, despite 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.
Notably, Medical Device sales grew 15%.
Abbott's Q3 results were largely in line with expectations, except for sales, which fell slightly short of forecasts.
Author's summary: Abbott's Q3 results missed sales forecast despite 15% Medical Device sales growth.
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