Abbott 3Q Sales Slightly Lower Than Wall Street Targets
16 October 2019 - 11:25PM
Dow Jones News
By Micah Maidenberg
Abbott Laboratories (ABT) reported a stronger profit and rising
sales for the third quarter.
The medical device and health company Wednesday said quarterly
sales increased to $8.08 billion, up 6% compared with the year
earlier or 8% on an organic basis, which excludes the effects of
currency fluctuations and a discontinued business.
Analysts polled by FactSet predicted $8.11 billion in sales.
The company, based outside of Chicago, was helped by stronger
sales in its nutrition and its established pharmaceuticals
businesses in international markets.
On an organic basis, sales in the pharmaceuticals unit, which
produces a range of drugs, rose 8% compared with last year.
Profit rose to $960 million, or 53 cents a share, from $563
million, or 32 cents a share, the year earlier. Certain lower
costs, such as amortization of intangible assets and interest
expense, helped earnings.
After adjustments, the company reported a profit of 84 cents a
share, in line with forecasts from analysts.
Write to Micah Maidenberg at micah.maidenberg@wsj.com
(END) Dow Jones Newswires
October 16, 2019 08:10 ET (12:10 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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