Abbott Laboratories (NYSE:ABT) released its earnings report for the three months ended September 30 this afternoon before the market opened on Wall Street. The company showed earnings of $0.55 on revenue of $5.369 billion. Shares in the health care company closed at $3.71 on Tuesday’s market.
In the lead up to the release of the Abbot Laboratories (NYSE:ABT) earnings report analysts studying Abbott Laboratories (NYSE:ABT) were looking for earnings of 52 cents per share from the company. Revenue was expected to come in at $5.4 billion. In the same three months of last year the company earned $1.30 per share. This earnings report is the third since the company parted with its pharmaceuticals arm AbbVie.
Abbott Laboratories (NYSE:ABT) earnings came in ahead of analyst expectations this time around, and the company’s executives expect that to continue. They raised their guidance for the full year from $1.98 per share to $2.04 per share. Analysts are expecting the company to bring in $2 per share for the year.
The company also announced a 57% increase in its quarterly dividend. The new dividend from the company will be 22 cent per share, up from 14 cents. Abbott investors are still hurting since the split from AbbVie Inc (NYSE:ABBV), and the market is still figuring out how to value the company.
Despite the growth in Abbott Laboratories (NYSE:ABT) business the company’s share price has not impressed through 2013. Shares have risen by just under 3% since January 1, far below the 19% gained by the wider S&P 500 so far this year. The firm’s stock has a great deal of growth priced in, however. Stock in Abbott is trading at more than 60 times earnings.
Abbott Laboratories (NYSE:ABT) executives will host a conference call to discuss these results at 9:30 AM EST. Investors will be asking for the reasons behind the company’s improved guidance picture, and the firm’s growth plans heading into next year.