ABT stock was down on Wednesday after the company released its earnings report for the third quarter of 2018.
Abbott Laboratories’ (NYSE:ABT) earnings report for the third quarter of the year starts off with earnings per share of 75 cents. This is an increase over the company’s earnings per share of 66 cents during the same time last year. It also matches Wall Street’s earnings per share estimate for the quarter, but couldn’t keep ABT stock from falling today.
During the third quarter of 2018, Abbott Laboratories reported net income of $563 million. This is down from the company’s net income of $603 million that was reported in the third quarter of 2017.
Operating income reported by Abbott Laboratories for the third quarter of the year came in at $995 million. This is better than the healthcare company’s operating income of $769 million reported in the same period of the year prior.
Abbott Laboratories also reported revenue of $7.66 billion during the third quarter of 2018. This is up from the company’s revenue of $6.83 billion reported in the third quarter of the previous year. It also just beats out analysts’ revenue estimate of $7.65 billion for the period, but ABT stock is still down today.
Abbott Laboratories stock is likely down due to the company’s narrowing of its earnings per share estimate for the full year of 2018. This has the company now expecting earnings per share between $2.87 and $2.89 for the year. Its previous outlook was for earnings per share ranging from $2.85 to $2.91. Wall Street is looking for earnings per share of $2.89 for 2018.
ABT stock was down 2% as of Wednesday morning, but is up 20% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.