Abbott tops 3Q profit expectations

Libertyville-based Abbott Laboratories' third-quarter earnings sank 44 percent to $538 million compared to last year, but the drugmaker's performance topped analysts' expectations.

The company also said Wednesday that it narrowed its forecast for 2014 earnings.

In the third quarter, Abbott, which also makes infant formula and medical devices, earned $538 million, or 36 cents per share. That compares to $966 million, or 61 cents per share, last year, when results included a $193 million gain on a tax adjustment.

Adjusted results in this year's quarter totaled 62 cents per share.

That topped analyst expectations of 60 cents per share, according to analysts surveyed by Zacks Investment Research.

Revenue climbed nearly 6 percent to $5.1 billion in the period. In addition, the company booked $519 million in sales from discontinued operations.

The combined total of $5.62 billion edged past the expectations of analysts surveyed by Zacks.

Abbott now forecasts full-year adjusted earnings of $2.25 to $2.27 per share, compared to its previous guidance range of $2.19 to $2.29 per share.

Analysts expect, on average, $2.25 per share, according to Zacks.

Abbott shares slipped 7 cents to $42.32 as broader trading indexes climbed slightly after markets opened Wednesday. The stock had climbed 11 percent so far this year, as of Tuesday's market close, while the Standard & Poor's 500 index had risen about 5 percent.