Why Abbott Shares Are Rising Today

Abbott Laboratories ABT is trading higher Wednesday after the company announced better-than-expected third-quarter financial results and raised guidance. 

Abbott reported quarterly earnings of $1.40 per share, which beat the estimate of 94 cents per share. The company reported quarterly revenue of $10.9 billion, which beat the estimate of $9.54 billion.

Abbott raised its full-year 2021 earnings guidance from a range of $4.30 to $4.50 per share to a range of $5 to $5.10 per share versus the estimate of $4.45 per share. 

Global COVID-19 testing-related sales totaled $1.9 billion in the third quarter.

Related Link: Abbott's Q3 Profit Jumps 70% On Robust COVID-19 Test Sales

"We achieved another quarter of strong growth overall and across all four of our major business areas. We're particularly pleased with the continued advancements of our new product pipeline, including several recent launches in large, high-growth markets," said Robert Ford, president and CEO of Abbott.

Abbott manufactures and markets medical devices, adult and pediatric nutritional products, diagnostic equipment and testing kits and branded generic drugs.

ABT Price Action: Abbott has traded as high as $129.69 and as low as $103.13 over a 52-week period.

The stock was up 3.96% at $124.05 at time of publication.

Photo: courtesy of Abbott.