Abbott Laboratories Lifts Midpoint Of FY23 Earnings Outlook Range - Update

(RTTNews) - Biopharmaceutical major Abbott Laboratories (ABT), while announcing flat earnings and weak revenues in its third quarter, on Wednesday raised the midpoint of its fiscal 2023 earnings guidance on a reported and adjusted basis.

For the year, the company now expects earnings per share of $3.14 to $3.18 and adjusted earnings per share of $4.42 to $4.46.

The company previously expected earnings per share of $3.02 to $3.22 and adjusted earnings per share of $4.30 to $4.50 for the full-year 2023.

On average, 19 analysts polled by Thomson Reuters expect earnings of $4.18 per share for the year. Analysts' estimates typically exclude special items.

In its third quarter, the company's earnings totaled $1.44 billion, or $0.82 per share, compared to $1.44 billion, or $0.81 per share, in last year's third quarter.

Abbott reported adjusted earnings of $2.00 billion or $1.14 per share for the period. Analysts had expected the company to earn $1.04 per share.

The company's revenue for the quarter fell 2.6% to $10.14 billion from $10.41 billion last year.

In pre-market activity, Abbott shares are trading at $94.20, up 2.24% on the New York Stock Exchange.

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