Abbott raises midpoint of EPS guidance and sees shares rise as quarterly profit exceeds forecast
Shares of US health care company Abbott Laboratories (NYSE: ABT) rose slightly in the premarket trading period following reports that it had achieved better-than-expected profit for the third quarter. It attributed this success to improved performance in its generic and nutrition businesses. This is despite net earnings falling from $966 million to $538 million, a drop of 44.2% between this quarter and the same quarter last year.
The company reported a 5.8% increase in net sales quarter-on-quarter from $4.83 billion to $5.10 billion. Earnings per share stood at $06.2, which is above the FactSet consensus analyst estimate of $0.59.
During this quarter, Abbott announced it is to sell its developed markets branded generics pharma business to US generic drugmaker Mylan (Nasdaq: MYL), which is expected to have a positive impact on both full-year sales and earnings per share.
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