Abbott 3Q Sales Slightly Lower Than Wall Street Targets

   By Micah Maidenberg

Abbott Laboratories (ABT) reported a stronger profit and rising sales for the third quarter.

The medical device and health company Wednesday said quarterly sales increased to $8.08 billion, up 6% compared with the year earlier or 8% on an organic basis, which excludes the effects of currency fluctuations and a discontinued business.

Analysts polled by FactSet predicted $8.11 billion in sales.

The company, based outside of Chicago, was helped by stronger sales in its nutrition and its established pharmaceuticals businesses in international markets.

On an organic basis, sales in the pharmaceuticals unit, which produces a range of drugs, rose 8% compared with last year.

Profit rose to $960 million, or 53 cents a share, from $563 million, or 32 cents a share, the year earlier. Certain lower costs, such as amortization of intangible assets and interest expense, helped earnings.

After adjustments, the company reported a profit of 84 cents a share, in line with forecasts from analysts.

Write to Micah Maidenberg at micah.maidenberg@wsj.com

(END) Dow Jones Newswires

October 16, 2019 08:10 ET (12:10 GMT)

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