Shares of Abbott Laboratories experienced a slight decline after the company released its impressive fourth-quarter report, although its guidance fell short of expectations.
According to FactSet, Abbott reported adjusted earnings per share of $1.19, matching Wall Street’s estimate. This represents an increase compared to the $1.03 per share earned in the same period last year.
The company’s sales reached $10.24 billion, surpassing analysts’ predictions of $10.19 billion. This reflects growth from the $10.09 billion recorded in the previous year.
For the full year of 2024, Abbott expects adjusted earnings per share between $4.50 and $4.70. Analysts predict a figure closer to the midrange at $4.60, showcasing an improvement from the $4.44 reported in 2023.
As CEO Robert Ford expressed, “The strength and diversity of the Abbott portfolio drove our success in 2023. We’re entering 2024 with a lot of positive momentum and, with our highly productive pipeline, we’re well-positioned for growth in 2024 and beyond.”
Despite the dip in share value, Abbott stock has gained 2.7% over the past 12 months, compared to a 21% increase in the S&P 500 index.