Abbott Labs Raises Full-Year Guidance After Beating Q2 Estimates with $1.14 EPS and $10.38B Revenue

Jul 18, 2024, 11:36 AM

Abbott Laboratories reported strong second-quarter 2024 earnings, surpassing Wall Street estimates. The company's adjusted earnings per share (EPS) stood at $1.14, exceeding the forecast of $1.10. Revenue for the quarter was $10.38 billion, slightly above the estimated $10.37 billion. The robust performance was driven by strong sales in its medical devices segment, particularly cardiac and diabetes care devices. As a result, Abbott raised its full-year 2024 profit guidance. The company now expects full-year adjusted EPS to be between $4.61 and $4.71, up from the previous range of $4.55 to $4.70. Additionally, Abbott projects third-quarter GAAP EPS to be between $0.85 and $0.89 and adjusted EPS to be between $1.18 and $1.22. The second-quarter GAAP diluted EPS was $0.74. Abbott also forecasts full-year organic sales growth of 9.5% to 10.0%. The CEO highlighted the company's positive momentum heading into the second half of the year.