Abbott Laboratories (NYSE:ABT) released the earnings results from its third quarter before opening bell this morning, posting adjusted earnings of 62 cents per share, a 12.7% growth rate, on $5.1 billion in revenue. Analysts had been expecting earnings of 59 cents per share on $5.62 billion in revenue for the quarter.
Net earnings per share were 36 cents, compared to 61 cents last year. The drug maker reported earnings of $4.83 billion in sales in the same quarter a year ago.
Key metrics from Abbott Laboratories’ earnings report
Abbott Laboratories said in its earnings report this morning that it beat the previously provided guidance for adjusted earnings per share, including results from discontinued operations. The company had guided for adjusted earnings to be between 59 cents and 61 cents per share.
Abbott has listed its developed markets branded generics business segment under discontinued operations, as it has struck a deal to sell the business to Mylan Inc (NASDAQ:MYL). Total sales excluding discontinued operations were $5.623 billion for the quarter.
Sales in the company’s Worldwide Nutrition segment rose 10.1% on an operational basis and 9.3% on a reported basis. GlaxoSmithKline reported a 6.2% operational increase and a 4.9% increase on a reported basis in its Worldwide Diagnostics sales.
The company’s sales in its Established Pharmaceuticals business were $1.3 billion, including sales from the newly acquired CFR Pharmaceuticals and also from discontinued operations. Medical Devices sales declined by .6% operationally and 1% on a reported basis.
Abbott Laboratories raises guidance
The company also increased the midpoint of its full year guidance for adjusted earnings per share for this year. It now reflects double digit growth. The adjusted earnings include results from both continuing and discontinuing operations. The new full year guidance range is between $2.25 and $2.27 per share. The previous guidance was between $2.19 and $2.29 per share. GAAP earnings per share are projected to be between $1.22 and $1.24, including both continuing and discontinued operations.
Last month, Abbott Laboratories completed the acquisition of CFR Pharmaceuticals, thus more than doubling its Latin American branded generics business.