Market Update: Abbott Stock Takes a Hit After Earnings Report
The healthcare giant Abbott Laboratories (ABT) reported its fourth-quarter earnings, and the results have sent its stock tumbling. Despite meeting analysts’ expectations, the company’s shares fell 2% to 114.43 in premarket trades.
Earnings Breakdown
Abbott reported adjusted earnings of $1.34 per share, matching analysts’ predictions. The company’s fourth-quarter sales reached $10.97 billion, slightly below the expected $11.03 billion. In comparison, Abbott earned $1.19 per share and reported $10.24 billion in sales during the same period last year.
Guidance for the Year Ahead
Looking ahead, Abbott guided to adjusted earnings of $5.05 to $5.25 per share and 7.5% to 8.5% organic sales growth. Analysts had predicted earnings of $5.16 per share and almost $45 billion in sales.
Recent Developments
This news comes on the heels of a recent jury decision, which found that baby formula from Abbott and Mead Johnson are not responsible for certain health issues. This verdict led to a surge in Abbott’s stock price earlier this month.
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Disclaimer
Information in this article is for informational and educational purposes only and should not be construed as an offer, recommendation, solicitation, or rating to buy or sell securities. Historical investment performances are no indication or guarantee of future success or performance.
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