LONDON, UK / ACCESSWIRE / October 20, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Abbott Laboratories (NYSE: ABT), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=ABT, following the Company's reporting of its third quarter fiscal 2017 operating results on October 18, 2017. The maker of infant formula, medical devices and drugs outperformed top- and bottom-line expectations. The Company raised the top end of its full-year 2017 earnings forecast range. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
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For the three months ended September 30, 2017, Abbott's worldwide sales surged 28.8% to $6.83 billion compared to sales of $5.30 billion for Q3 2016. The Company's sales improved 5.6% on a comparable operational basis. Abbott's revenue numbers topped analysts' expectations of $6.71 billion.
During Q3 2017, Abbott's operating earnings totaled $810 million compared to operating earnings of $897 million in Q3 2016.
For Q3 2017, Abbott reported GAAP diluted earnings from continuing operations of $0.32 per share compared to loss of $0.24 per share in Q3 2016. On an adjusted basis, the Company recorded adjusted diluted EPS from continuing operations of $0.66 in the reported quarter, up 11.9% on a y-o-y basis and at the high-end of Abbott's previous guidance range of $0.64 to $0.66. The Company's earnings beat Wall Street's estimates for earnings of $0.65 per share.
Abbott's Segment Results
During Q3 2017, the Company's Worldwide Nutrition sales increased 0.8% on a reported and operational basis to $1.77 billion. In the reported quarter, the segment's Worldwide Pediatric Nutrition sales grew 0.8% compared to the year-ago same period to $975 million, including a favorable 0.1% effect of foreign exchange, and increased 0.7% on an operational basis. Worldwide Adult Nutrition's sales gained 0.7% to $793 million on a reported basis in Q3 2017, including an unfavorable 0.2% effect of foreign exchange, and increased 0.9% on an operational basis.
For Q3 2017, Worldwide Diagnostics' sales advanced 5.4% to $1.28 billion on a y-o-y basis. The segment's Core Laboratory Diagnostics' sales jumped 5.7% to $1.03 billion, led by continued share gains globally. In the reported quarter, the Worldwide Diagnostics' Molecular Diagnostics' sales grew 2.7% on a y-o-y basis, including a favorable 1.6% effect of foreign exchange, and increased 1.1% on an operational basis. The segment's Point of Care Diagnostics' sales gained 5.8% to $131 million on a y-o-y basis.
During Q3 2017, Established Pharmaceuticals' sales surged 15.7% to $1.17 billion, including a favorable 1.4% effect of foreign exchange, and increased 14.3% on an operational basis. Abbott's Key Emerging Markets comprise several countries that represent the most attractive long-term growth opportunities for Abbott's branded generics product portfolio. The Company's sales in these key geographies increased 18.5% to $885 million in the reported quarter, led by strong growth across several countries, including double-digit growth in Brazil, Russia, India, and China.
For Q3 2017, Worldwide Medical Devices' sales soared 98.2% to $2.60 billion on a reported basis. On a comparable operational basis, the division's sales increased 5.6%.
For the Medical Devices division's Cardiovascular and Neuromodulation worldwide sales totaled $2.22 billion in Q3 2017, led by double-digit growth in Electrophysiology, Structural Heart, Heart Failure, and Neuromodulation. The segment's Worldwide Diabetes Care sales jumped 21.7% to $373 million, including a favorable 2.6% effect of foreign exchange and increased 19.1% on an operational basis.
Abbott announced that it is narrowing its full-year 2017 earnings per share guidance range, which continues to reflect double-digit growth. The Company is now projecting earning per share from continuing operations to be $0.97 to $0.99 for FY17. Abbott's projected diluted earnings per share from continuing operations on an adjusted basis is now forecasted to be in the band of $2.48 to $2.50 for FY17, which represents an increase at the mid-point of the guidance range.
On Thursday, October 19, 2017, the stock closed the trading session at $56.00, marginally rising 0.41% from its previous closing price of $55.77. A total volume of 4.87 million shares have exchanged hands. Abbott Labs' stock price soared 10.15% in the last three months, 28.65% in the past six months, and 39.97% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have skyrocketed 45.80%. The stock is trading at a PE ratio of 86.02 and has a dividend yield of 1.89%. At Thursday's closing price, the stock's net capitalization stands at $97.40 billion.
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