Abbott Labs shares rise as company beats earnings estimates, raises full-year guidance

Abbott Laboratories shares
ABT,
-0.04%
climbed 2.5% premarket on Wednesday after the healthcare products company posted a better-than-expected third-quarter profit and raised its earnings guidance for the full year. The company reported third quarter net income of $1.436 billion, or 82 cents per share, versus $1.435 billion, or 81 cents per share, in the year earlier period. Adjusted per-share earnings came to $1.14, ahead of the FactSet consensus of $1.10 per share. Sales were $10.143 billion, down 2.6% from a year earlier but ahead of the FactSet consensus of $9.818 billion, as an expected decline in COVID testing weighed on results. Abbott now expects full-year earnings per share of $3.14 to $3.18 and adjusted per-share earnings of $4.42 to $4.46, compared with previous guidance of $4.30 to $4.50. Abbott shares have dropped 16% in the year to date, while the S&P 500
SPX,
-0.01%
is up 13.9%.