Abbott Laboratories (ABT) - Get Report shares traded at an all-time high Wednesday after it posted stronger-than-expected second quarter earnings, and boosted its full-year profit guidance, as sales of its FreeStyle Libre glucose monitoring system surged following FDA approval in 2017.
Abbott said adjusted earnings for the three months ending in June came in at 82 cents per share, up 12.3% from the same period last year and 2 cents ahead of the Street consensus forecast. Group revenues, Abbott said, edged 2.55% higher to $7.979 billion, essentially matching analysts' forecasts of an $8 billion tally.
Looking into 2019, Abbott said it sees adjusted full year earnings in the region of $3.21 to $3.27 per share, up 6 cents at the lower end and 2 cents at the higher end of prior forecasts, and expects organic sales growth of between 7% and 8%
"Our sales growth accelerated and is sustainable," said CEO Miles D. White. "We have great momentum and are raising our guidance above the strong outlook we previously set for the year."
Abbott shares were marked 4.2% higher following the earnings release to change hands at $86.65 each, a move that extends the stock's year-to-date gain to around 15.7%. The shares hit an all-time high of $86.75 each earlier in the session.
FreeStlye Libre sales surged 72.9% on a reported basis to $433 million over the quarter, Abbott said, with White telling investors that figure could rise to $5 billion a year within "a reasonable time". That compares to a 6.4% increase in medical device sales (to $3.075 billion) and a 0.9% gain for nutrition revenues, which hit $1.875 billion.