Abbott’s Q2 sales, earnings top forecasts

Abbott (NYSE:ABT) beat expectations today with its second-quarter earnings despite a -84% bottom-line slide.

The Chicago-area healthcare giant posted profits of $283 million, or 16¢ per share, on sales of $6.64 billion for the three months ended June 30, for sales growth of 24.5% compared with Q2 2016.

Adjsuted to exclude one-time items, earnings per share were 62¢. Analysts on Wall Street were looking for adjusted EPS of 61¢ on sales of $6.63 billion.

“Halfway through the year, we’re on track with all of our key priorities, including the integration of St. Jude and growth contributions from our pipeline,” chairman & CEO Miles White said in prepared remarks. “We’re also raising our full-year guidance range as we continue to target double-digit ongoing EPS growth.”

Abbott said it now expects to post adjusted EPS of $2.43 to $2.53, up from its prior forecast for $2.40 to $2.50 this year.

ABT shares, which closed up 1.4% at $49.43 apiece yesterday, rose further in pre-market trading today to $50 even, a 1.2% gain.

 

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