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Abbott Q3 profit rises 12% YOY; 2019 outlook revised

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Abbott Q3 profit rises 12% YOY; 2019 outlook revised

Abbott Laboratories said its third-quarter earnings grew 12% year over year and updated its outlook for 2019.

The Abbott Park, Ill.-based healthcare company reported third-quarter adjusted earnings from continuing operations of $1.51 billion, or 84 cents per share, up from $1.34 billion, or 75 cents per share, a year earlier.

The S&P Global Market Intelligence consensus normalized EPS estimate for the quarter was 84 cents.

Abbott booked net sales of $8.08 billion, a 5.5% year-over-year growth from $7.66 billion.

On a GAAP basis, Abbott said earnings from continuing operations totaled $960 million, or 53 cents per share, up from $554 million, or 31 cents per share, in 2018.

For full year 2019, the company revised its adjusted EPS from continuing operations outlook to the range of $3.23 to $3.25, from the prior guidance of between $3.21 and $3.27.

On a GAAP basis, the projected full-year EPS of Abbott was narrowed to the $2.06 to $2.08 range from its previous estimate of $2.06 to $2.12.

For the fourth quarter, Abbott is targeting adjusted EPS in the range of 94 cents to 96 cents, while GAAP EPS is anticipated to be between 59 cents and 61 cents.

The S&P Global Market Intelligence consensus normalized EPS estimates for fourth-quarter and full-year 2019 are 94 cents and $3.24, respectively.