Abbott Labs stock was gaining after the company reported earnings.
Win McNamee/Getty Images
Abbott Laboratories stock is gaining after the medical devices company reported earnings that easily topped analyst expectations.
Abbott reported an adjusted profit of $1.40 a share, beating forecasts for $0.94 a share, on sales of $10.9 billion, topping expectations for $9.56 billion. Reported medical device sales rose 14.6%, while Covid-19 testing sales came in at $1.908 billion. Abbott also raised its full-year guidance to a range of $5.00 to $5.10.
“We achieved another quarter of strong growth overall and across all four of our major business areas,” said Abbott CEO Robert Ford. “We’re particularly pleased with the continued advancements of our new product pipeline, including several recent launches in large, high-growth markets.”
Abbott stock has risen 2.7% in premarket trading Wednesday. Shares of Abbott have advanced 9% this year through Tuesday’s close, while the S&P 500 has gained 20% and the Dow Jones Industrial Average has risen 16%.
Write to Ben Levisohn at [email protected]
