Abbott Labs stock gains after profit more than doubles, sales rise above expectations

Shares of Abbott Laboratories edged up 0.2% in premarket trading Thursday, after the medical devices, diagnostics and nutrition company reported second-quarter profit and sales that rose above expectations, with beats in all of its major business segments. Net income more than doubled, to $1.19 billion, or $1.17 a share, from $537 million, or 57 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $1.17 topped the FactSet consensus of $1.02. Sales grew 39.5% to $10.22 billion, above the FactSet consensus of $9.69 billion, with strongest growth in diagnostics sales (62.8%) and medical devices (51.3%). For 2021, the company expects adjusted EPS of $4.30 to $4.50, compared with the FactSet consensus of $4.36. "We're achieving very strong growth across our portfolio," said Chief Executive Robert Ford. "Perhaps most impressively, excluding COVID testing-related sales, our sales grew more than 11 percent on an organic basis compared to pre-pandemic levels in the second quarter of 2019, which demonstrates the fundamental strength of our performance." The stock has gained 8.7% year to date through Wednesday, while the S&P 500 has advanced 16.0%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Abbott Labs stock gains after profit more than doubles, sales rise above expectations
Shares of Abbott Laboratories edged up 0.2% in premarket trading Thursday, after the medical devices, diagnostics and nutrition company reported second-quarter profit and sales that rose above expectations, with beats in all of its major business segments. Net income more than doubled, to $1.19 billion, or $1.17 a share, from $537 million, or 57 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $1.17 topped the FactSet consensus of $1.02. Sales grew 39.5% to $10.22 billion, above the FactSet consensus of $9.69 billion, with strongest growth in diagnostics sales (62.8%) and medical devices (51.3%). For 2021, the company expects adjusted EPS of $4.30 to $4.50, compared with the FactSet consensus of $4.36. "We're achieving very strong growth across our portfolio," said Chief Executive Robert Ford. "Perhaps most impressively, excluding COVID testing-related sales, our sales grew more than 11 percent on an organic basis compared to pre-pandemic levels in the second quarter of 2019, which demonstrates the fundamental strength of our performance." The stock has gained 8.7% year to date through Wednesday, while the S&P 500 has advanced 16.0%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.