Abbott Plans Buyback

The quarter is in line.
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Abbott (ABT) - Get Report matched third-quarter targets and set a $2.5 billion stock buyback plan.

The Abbott Park, Ill., pharmaceuticals giant also issued in-line guidance for the year.

Abbott made $716 million, or 46 cents a share, for the quarter ended Sept. 30, up from the year-ago $681 million, or 44 cents a share. Excluding certain costs, latest-quarter earnings were 58 cents a share, flat with a year ago and matching the Thomson Financial analyst consensus estimate.

Sales rose 3.5% from a year ago to $5.57 billion, beating the $5.48 billion Wall Street target.

The company said it expects to make around 74 cents a share for the fourth quarter and $2.51 or so for the year, matching the Thomson Financial estimates.