Abbott Laboratories Boosts FY24 Earnings Outlook - Update

(RTTNews) - While reporting financial results for the third quarter on Thursday, Abbott Laboratories (ABT) provided earnings and adjusted earnings guidance for the fourth quarter, in line with analysts' estimates, and raised the midpoint its adjusted earnings outlook for the full-year 2024, while maintaining annual organic sales growth outlook.

For the fourth quarter, Abbott projects earnings in a range of $0.96 to $1.02 per share and adjusted earnings in a range of $1.31 to $1.37 per share.

On average, 21 analysts polled by Thomson Reuters expect the company to report earnings of $1.34 per share for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to fiscal 2024, the company now projects earnings in a range of $3.34 to $3.40 per share and adjusted earnings in a range of $4.64 to $4.70 per share.

Previously, the company expected earnings in the range of $3.30 to $3.40 per share and adjusted earnings in the range of $4.61 to $4.71 per share.

The Street is looking for earnings of $4.66 per share for the year.

Abbott maintained its full-year organic sales growth guidance range, excluding COVID-19 testing-related sales, of 9.5 to 10.0 percent.

On September 19, 2024, the board of directors of Abbott declared a quarterly dividend of $0.55 per share, payable on November 15, 2024 to shareholders of record at the close of business on October 15, 2024.

In October, Abbott's board of directors authorized a new share repurchase program of up to $7 billion of the company's common shares.

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