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July 16, 2020, 7:48 a.m. EDT

Abbott Labs' stock gains after profit, revenue and full-year outlook top expectations

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By Tomi Kilgore

Shares of Abbott Laboratories /zigman2/quotes/203724446/composite ABT -1.49% rose 0.7% in premarket trading Thursday, after the health care company reported second-quarter profit and revenue that beat expectations and provided an upbeat full-year outlook. Net income fell to $537 million, or 30 cents a share, from $1.01 billion, or 56 cents a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share came to 57 cents, above the FactSet consensus of $42 cents. Sales declined 8.2% to $7.33 billion, but was above the FactSet consensus of $6.81 billion. Nutrition revenue increased 0.4% to $1.89 billion to top the FactSet consensus of $1.82 billion; diagnostics revenue rose 4.7% to $1.99 billion to beat expectations of $1.80 billion; established pharmaceuticals revenue fell 8.6%% to $1.01 billion, just below expectations of $1.08 billion; and medical devices revenue dropped 21.2% to $2.42 billion but beat expectations of $2.25 billion. For 2020, the company expects adjusted EPS of "at least" $3.25, above the FactSet consensus of $2.90. "We're a leader in the global COVID-19 testing efforts, we've continued to advance our pipeline and, importantly, we saw significant improvements in growth trends throughout the quarter in the business areas that were initially most impacted by the pandemic," said Chief Executive Robert Ford. The stock has gained 11.4% year to date through Wednesday, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -1.63% has slipped 0.1%.

/zigman2/quotes/203724446/composite
US : U.S.: NYSE
$ 108.04
-1.63 -1.49%
Volume: 4.19M
Oct. 19, 2020 4:02p
P/E Ratio
62.27
Dividend Yield
1.33%
Market Cap
$194.17 billion
Rev. per Employee
$296,874
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/zigman2/quotes/210599714/realtime
US : S&P US
3,426.92
-56.89 -1.63%
Volume: 2.17B
Oct. 19, 2020 4:20p
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