Abbott Laboratories (ABT) Drops on Lower Full-Year Guidance

We recently published These 10 Stocks Just Lost Their Spark. Abbott Laboratories (NYSE:ABT) is one of the worst-performing companies on Thursday.

Abbott Laboratories declined by 8.52 percent on Thursday to end at $120.51 apiece as investors were disheartened by the lowering of its full-year guidance.

For the full year, Abbott Laboratories (NYSE:ABT) now projects organic sales growth, excluding COVID-19 testing-related sales, to grow between 7.5 to 8 percent, or 6 to 7 percent when including COVID-19 testing-related sales.

Adjusted diluted earnings per share were pegged at $5.1 to $5.2 for the full year, while adjusted diluted EPS were expected to settle at $1.28 to $1.32 for the third quarter of the year.

In an interview on CNBC, Abbott Laboratories (NYSE:ABT) CEO Robert Ford deemed the drop an “overreaction.”

“I think this is a little bit of an overreaction. Of course, we are all over this,” Ford said. “We’re focused on this, but the fundamentals of the entire rest of the company are pretty much intact, and this is just really a point in time that we have to get through.”

An operating room with a doctor monitoring a patient’s vital signs during surgery with a medical device.

In the second quarter of the year, Abbott Laboratories (NYSE:ABT) grew its net income by 36.7 percent to $1.779 billion from $1.3 billion in the same period last year. Net sales increased by 7.4 percent to $11.142 billion from $10.377 billion year-on-year.

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Disclosure: None. This article is originally published at Insider Monkey.