UPDATE: Abbott Q3 Earnings Top Street View

Abbott Laboratories

reported better-than-expected third-quarter earnings and narrowed its earnings forecast for the year. Abbott now expects full-year earnings of $2.25 to $2.27 per share, versus its earlier forecast of $2.19 to $2.29 per share. The Abbott Park, Illinois-based company posted a quarterly profit of $538 million, or $0.36 per share, versus a year-ago profit of $966 million, or $0.61 per share. Excluding special items, the company earned $0.62 per share, beating analysts' estimates of $0.60 per share. Its revenue gained to $5.1 billion from $4.83 billion. Abbott's sales in the diagnostics segment gained 4.9%, while sales in the nutrition business rose 9.3%. Sales in its established pharmaceuticals segment jumped 12%, while medical devices sales fell 1% in the quarter. "We reported another quarter of sequential sales growth, including improved performance in our branded generics pharmaceuticals and nutrition businesses, and we are particularly pleased with the growth in our vision care business," said Miles D. White, chairman and chief executive officer, Abbott. Abbott shares rose 1.44% to $43.00 in pre-market trading.