Diversified health care products maker Abbott Laboratories (
) on Wednesday posted mixed third quarter earnings, as profit beat
estimates but its revenue fell short of analysts' view.
The Abbott Park, IL-based company reported third quarter net
income of $1.94 billion, or $1.21 per share, compared with $303
million, or 19 cents per share, in the year-ago period. Excluding
special items, adjusted profit was $1.30 per share.
Revenue fell 0.4% from last year to $9.77 billion.
On average, Wall Street analysts expected a smaller profit of
$1.28 per share, albeit on higher revenue of $9.94 billion.
Looking ahead, ABT narrowed its full-year earnings outlook to a
range of $5.06 to $5.08 per share. It had previously forecast $5.00
to $5.10 for the year. The company also noted it remains on track
to split into two separate publicly-traded companies on January 1,
2013. One company will comprise ABT's pharmaceutical operations,
while the other will be made up of its medical devices unit.
Abbott Laboratories shares fell 63 cents, or -0.9%, in premarket
The Bottom Line
We have been recommending shares of Abbott Labs (
) since Feb.18, 2011, when the stock was trading at $72.13. The
company has a 2.83% dividend yield, based on last night's closing
stock price of $72.13.
Abbott Laboratories (
) is a "Recommended" dividend stock, holding a Dividend.com DARS™
Rating of 3.5 out of 5 stars.
Be sure to visit our complete recommended list of the
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, as well as a detailed explanation of
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