Abbott Posts Slight Q3 Beat, Narrows Outlook
Abbott Laboratories (NYSE: ABT) suffered a net loss in the third quarter to reflect adjustment of its equity investment in Mylan NV (NASDAQ: MYL). However, on an adjusted basis, its earnings topped estimates by a penny while revenue came in line with the expectations.
On a GAAP basis, the company suffered a loss from continuing operations of $357 million, or a loss per share of $0.24. However, on a non-GAAP basis, its earnings from continuing operations would have been $0.59 a share on revenue of $5.3 billion. While reported sales advanced 2.9 percent, operational sales grew 4.0 percent in the third quarter.
Street analysts estimated Abbott to report EPS of $0.58 on revenue of $5.29 billion.
In comparison, the company earned adjusted EPS of $0.54 on revenue of $5.15 billion in the previous year quarter.
Chairman and CEO, Miles White, commented, "We're on track to deliver the financial commitments we set at the beginning of the year. We also had several key product launches and continued to take strategic actions to shape our business for long-term growth."
For the fiscal year 2016, the drug maker adjusted its EPS forecast from continuing operations to $0.59-$0.61. On an adjusted basis, the company narrowed its EPS outlook to $2.19 - $2.21. Street analysts' are looking for an EPS of $2.20.
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