Market

Abbott tops consensus expectations despite decline in COVID-19 testing related sales By Investing.com

[ad_1]

© Reuters. Abbott (ABT) tops consensus expectations despite decline in Covid-19 testing related sales

By Sam Boughedda

Abbott (NYSE:) shares fell Wednesday despite topping consensus expectations for profit and revenue.

The medical device firm reported adjusted fourth-quarter of $1.03 per share, $0.11 better than the analyst estimate of $0.92.

Revenue for the quarter came in at $10.1 billion versus the consensus estimate of $9.62B. Despite topping consensus estimates, the company said revenue fell 12% year-over-year, negatively impacted by an expected decline in COVID-19 testing-related sales.

“We significantly exceeded the EPS guidance we provided at the beginning of last year despite challenging global business conditions,” said Robert Ford, chairman and chief executive officer of Abbott. “Our R&D pipeline continues to be highly productive with several recent and upcoming new product launches that position us well going forward.”

Looking forward, Abbott sees FY2023 EPS between $4.30 and $4.50, in line with the consensus estimate of $4.40.

Following the earnings release, Stifel analysts said there were few surprises.

“Abbott’s Covid testing business once again helped deliver above-Consensus top and bottom-line performance, with 4Q22 sales at $10.1B beating Stifel/Consensus $9.45B/$9.6B projections,” they said. “EPS at $1.03 was also ahead of Stifel/Consensus $0.88/$0.92. Our 4Q22 estimates incorporated $500M Covid test sales, while the company sold $1.069B…effectively the entire difference between our projections and Abbott top-line results.”

[ad_2]

Source link

Jake

Jacob Keiter is a husband, a writer, a journalist, a musician, and a business owner. His journey to becoming a writer was one that was paved with challenges, but ultimately led him to find his true calling. Jacob's early years were marked by a strong desire for creative expression. He was always drawn to music, and in his youth, he played in several bands, chasing the elusive promise of fame and success. However, despite his best efforts, Jacob struggled to find the recognition he craved. It wasn't until he hit a low point in his life that Jacob discovered his love for writing. He turned to writing as a form of therapy during a particularly difficult time, and found that it not only helped him to cope with his struggles, but also allowed him to express himself in a way that he had never been able to before. Jacob's writing skills quickly caught the attention of others, and he soon found himself working as a journalist for The Sun out of Hummelstown. From there, he went on to contribute to a variety of publications, including the American Bee Journal and Referee Magazine. Jacob's writing style is reflective of traditional journalism, but he also infuses his work with a unique voice that sets him apart from others in his field. Despite his success as a writer, Jacob also owns another business, JJ Auto & Home, which specializes in cleaning. Jacob's commitment to excellence is evident in all of his endeavors, whether it be in his writing or in his business ventures. Today, Jacob is the author of two books and continues to inspire others through his writing. His journey to becoming a writer serves as a reminder that sometimes our darkest moments can lead us to our greatest achievements.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *