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 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.
Sales were slightly below forecasts, with experts projecting $11.39 billion in revenue. However, worldwide Medical Device sales grew by 14.8% in the quarter, driving the company's nearly 7% sales growth.
Abbott's Medical Device sales increased by 14.8% in the quarter.
Author's summary: Abbott's Q3 results fell short of sales forecast despite Medical Device sales growth.