Abbott Labs' 3rd-qtr beats earnings expectations but group sales disappoint

US health care major Abbott Laboratories yesterday reported third-quarter 2012 financial results, revealing that group sales of $9.77 billion were down 0.4% compared with the like 2011 period, and falling short of Wall Street expectations of $9.93 billion.

Earnings for the quarter came in at $1.94 billion, or $1.21 per share, compared with $303 million, or 19 cents per share, in the year-earlier period, when the company took a $1.4 billion litigation-related charge. Excluding special items, Abbott earned $1.30 per share, beating analysts’ expectations of expected $1.28, according to Thomson Reuters I/B/E/S.

Excluding foreign exchange, worldwide sales increased 4.1%. Abbott is narrowing its ongoing earnings-per-share guidance for 2012 to $5.06 to $5.08 from $5.00 to $5.10, reflecting another year of expected strong performance. Including specified items, projected earnings per share under GAAP would be $3.83 to $3.85 for the full-year 2012.