Business

Abbott beats 3Q profit forecasts

Posted October 21, 2015 7:00 am

The Associated Press

Abbott Laboratories (ABT) on Wednesday reported third-quarter profit of $580 million.

TheLibertyville Township-based company said it had net income of 38 cents per share. Earnings, adjusted for non-recurring costs and to account for discontinued operations, were 54 cents per share.

The results beat Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of 53 cents per share.

The maker of infant formula, medical devices and drugs posted revenue of $5.15 billion in the period, meeting Street forecasts.

Abbott expects full-year earnings in the range of $2.14 to $2.16 per share.

Abbott shares have declined slightly more than 7 percent since the beginning of the year, while the Standard & Poor's 500 index has decreased slightly more than 1 percent. The stock has risen almost 1 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ABT at http://www.zacks.com/ap/ABT

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Keywords: Abbott, Earnings Report

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