Boeing Co Rises After Earnings, Abbott Laboratories Falls

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Boeing Co (NYSE:BA) and Abbott Laboratories (NYSE:ABT) released their latest earnings reports before opening bell this morning. Boeing reported adjusted earnings of $2.47 per share on $23.29 billion in revenue. Analysts were looking for $2.34 per share in earnings and $23.13 billion in revenue. In the previous year’s fourth quarter, the airplane manufacturer posted $23.57 billion in sales.

Abbott Laboratories reported adjusted earnings of 65 cents per share on $5.3 billion in sales, which represents a 2.8% reported increase and 3.8% operational increase year over year. Analysts had been expecting earnings of 65 cents per share and $5.38 billion in revenue. The company had guided for earnings of 64 cents to 66 cents per share.

Boeing gives weak outlook

Boeing’s GAAP earnings rose to $2.59 per share from $1.51 per share in the same quarter a year ago. The company’s commercial airplanes revenue ticked upward by 1% year over year to $16.24 billion, missing the consensus of $16.53 billion. Military aircraft revenue plunged 18% to $2.62 billion, although that came out slightly ahead of the consensus at $2.61 billion.

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Boeing expects adjusted earnings to be between $9.10 and $9.30 per share for the full year, compared to the consensus of $9.25 per share. The company projects revenue of $90.5 billion to $92.5 billion for this year, compared to the consensus of $92.96 billion.

Shares of Boeing edged upward by as much as 1.37% to $162.75 in premarket trades this morning.

Abbott Laboratories shares fall

Abbot Laboratories posted GAAP earnings of 51 cents per share. Nutrition sales for the fourth quarter fell on a reported basis to $1.7 billion, while Diagnostics sales rose to $1.3 billion. Established Pharmaceuticals sales rose to $979 million, while Medical Devices rose to $1.4 billion.

“2016 was a very important year for Abbott,” Abbot Chairman and CEO Miles White said in a statement. “We achieved our financial commitments, advanced our internal pipeline, and took important strategic steps to shape the company for balance and growth.”

The drug maker expects GAAP earnings of 92 cents to $1.02 per share and adjusted earnings of $2.40 to $2.50 per share for the full year.

Shares of Abbott Laboratories edged downward by as much as 1.09% to $39.87 in premarket trades this morning.