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Tue, October 20 at 4:00PM ET

Abbott Labs (ABT) Stock Slips Despite Solid Q4 Earnings

ABT stock is down more than 2% on Wednesday

Abbott Labs (NYSE:ABT) reported its latest quarterly earnings results early in the day Wednesday, which came were in line with Wall Street’s expectations, but the company’s stock declined during regular trading hours and after the bell.

Abbott Labs (ABT)The Chicago-based health care company said that for its fourth quarter of its fiscal 2018, it brought in net income of $654 million, topping the company’s loss during the same period a year ago. This amounted to roughly 37 cents per share, or 81 cents per share when adjusting for nonrecurring costs and discontinued operations.

The results were in line with the Wall Street consensus estimate, which called for adjusted earnings of 81 cents per share, according to data compiled by 10 analysts who were surveyed by Zacks Investment Research. Abbott Labs added that the company’s revenue for the period tallied up to $7.77 billion, which was below Wall Street’s guidance.

Seven analysts who were surveyed by Zacks were calling for sales of $7.79 billion. For its fiscal 2018, the company’s profit was $2.37 billion, or $1.33 per share, while Abbott Labs’ revenue came in at $30.58 billion.

For its first quarter of its fiscal 2019, the company projects earnings of 60 cents to 62 cents per share. Plus, the company sees its fiscal 2019 earnings as being somewhere in the range of $3.15 to $3.25 per share.

ABT stock is down more than 2.2% on Wednesday following the company’s results. Shares were down an additional 1% after the bell.

Article printed from InvestorPlace Media,

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