Abbott Labs beats earnings estimates, announces buyback program, optimistic outlook

From CNBC: 2024-10-16 12:23:28

Abbott Laboratories beat quarterly earnings estimates, with revenue rising 4.9% to $10.64 billion and organic sales up 8.2%. Adjusted earnings per share of $1.21 exceeded expectations. Abbott’s stock performance has outpaced the market, up over 10% YTD. The company reaffirmed its full-year sales growth outlook and increased its earnings guidance for the third straight quarter to $4.64-$4.70. Abbott’s medical devices segment saw a 12% increase in revenues, driven by strong sales of its FreeStyle Libre continuous glucose monitor. Abbott also announced a new $7 billion share repurchase program. Despite a weak spot in its nutrition business, Abbott remains optimistic about its overall growth and future prospects. Abbott faces ongoing legal battles, but recent statements from U.S. health agencies and favorable business fundamentals bode well for the company’s future success.



Read more at CNBC:: Abbott Labs shines with a strong quarter and a buyback announcement