Abbott Beats Q2 Estimates, Raises Full-Year Profit Outlook
ABT is trading near its 52-week low of $81.97 (12% above the low).
Summary
Abbott delivered a Q2 beat with adjusted EPS of $1.31 versus the $1.28 consensus, driven by 8.4% comparable growth in medical devices, including strength in electrophysiology and diabetes care. Revenue rose 13% reported to $12.6 billion, though nutrition sales slipped 3.6% on a comparable basis. Management raised full-year adjusted EPS guidance to $5.45-$5.60 from $5.38-$5.58 and set Q3 guidance at $1.38-$1.46. The company returned $2.1 billion to shareholders through dividends and buybacks. This follows the June 29 DOJ decision to drop its criminal investigation into the baby formula business, removing a key overhang. The raised guidance and device momentum suggest the Exact Sciences integration is progressing well.
At the time of this announcement, ABT was trading at $91.44 on NYSE in the Life Sciences sector, with a market capitalization of approximately $155.5B. The 52-week trading range was $81.97 to $137.49. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Reuters.