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Abbott Q3 earnings rise YOY; income guidance narrowed

Abbott Laboratories said third-quarter income excluding some items, which the company calls earnings from continuing operations, was $1.16 billion, or 66 cents per share, up from $883 million, or 59 cents per share, in the year-ago period.

The S&P Capital IQ consensus normalized EPS estimate for the third quarter was 65 cents.

The company reported net sales of $6.83 billion, a 28.8% increase from $5.30 billion a year earlier.

Research and development costs were $562 million, up 59.3% from $352 million.

On a GAAP basis, earnings from continuing operations amounted to $561 million, or 32 cents per share, compared to a year-ago loss of $357 million, or 24 cents per share.

The company narrowed its full-year 2017 earnings guidance. Adjusted EPS from continuing operations is now expected to be between $2.48 and $2.50, as opposed to $2.43 and $2.53 previously.

On a GAAP basis, Abbott narrowed its 2017 EPS guidance to between 97 cents and 99 cents from $1.03 to $1.13 previously.