Shares of Abbott Labs (NYSE: ABT) fell in pre-market trading on Wednesday even as the medical devices and healthcare company reported better-than-expected Q4 earnings. The company’s adjusted Q4 earnings came in at $1.03 per share, which beat analysts’ consensus estimate of $0.93.
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Sales declined by 12%% year-over-year as a result of a drop in sales of COVID-19 testing kits, with revenue hitting $10.1 billion in the fourth quarter. However, this still beat analysts’ expectations by $410 million.
Looking forward, management now expects organic sales to be around $2 billion in FY23 while adjusted earnings are expected to come in the range of $4.30 to $4.50 per share.
Overall, Wall Street analysts are upbeat about ABT stock with a Strong Buy consensus rating based on five Buys and one Hold.