5 Stocks Making Moves on Financial Results

4. Abbott Laboratories (NYSE:ABT)

Number of Hedge Fund Holders: 61

Shares of Abbott Laboratories (NYSE:ABT) rose more than three percent on Wednesday, 20 October 2021, after announcing solid financial results for the third quarter. The global healthcare giant reported adjusted earnings of $1.40 per share, crushing the consensus forecast of 94 cents per share.

Abbott Laboratories (NYSE:ABT) had reported adjusted earnings of 98 cents per share for the comparable period of 2020. Revenue for the quarter jumped 23.4 percent on a year-over-year basis to $10.93 billion, beating the consensus forecast of $9.56 billion.

The latest quarterly performance was driven by strong growth across all business segments. Nutrition revenue in the quarter increased 9.6 percent, medical devices revenue rose 14.6 percent, while pharmaceuticals revenue jumped 15.1 percent. In comparison, diagnostic revenue in the quarter climbed 48.2 percent on a year-over-year basis.

Praising the quarterly performance, CEO Robert Ford said:

“We achieved another quarter of strong growth overall and across all four of our major business areas. We’re particularly pleased with the continued advancements of our new product pipeline, including several recent launches in large, high-growth markets.”

Abbott Laboratories (NYSE:ABT) also raised its profit outlook for the full year. It now expects adjusted earnings in the range of $5 – $5.10 per share, compared to its previous guidance between $4.30 – $4.50 a share. The updated outlook is better than analysts’ average estimate of $4.46 per share.