Abbott Laboratories (ABT), a multinational medical devices and health care company, reported better-than-expected third-quarter results driven by solid COVID-19 related sales, new product approvals, and overall strong demand for all of its offerings. Following the news, shares jumped 3.3% to close at $123.31 on October 20. The company reported adjusted earnings of $1.40 per share, up 42.9% year-over-year, beating consensus estimates of $0.93 per share. Additionally, quarterly sales stood at $10.93 billion, growing 23.4% compared to the prior-year period, and also outpaced Street estimates of $9.44 billion. This includes COVID-19 testing-related sales of $1.91 billion. Moreover, on September 15, Abbott’s Board declared its 391st consecutive quarterly cash dividend of $0.
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Abbott Laboratories (NYSE:ABT)
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