Wait to Buy Abbott Until End of Day Wednesday, Cramer Says

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Abbott reported stronger-than-expected third-quarter results and provided full-year guidance to the upside.

The company reported a net income of $1.23 billion, or 69 cents a share, up from $960 million, or 53 cents, in the year-earlier period. The Abbott Park, Ill., company reported the latest adjusted earnings at 98 cents a share.

Revenue of $8.85 billion rose 9.6% year over year.

Analysts surveyed by FactSet were expecting earnings of 91 cents per share on revenue of $8.54 billion.

"Our new-product pipeline continues to be highly productive, and we're well-positioned to finish the year with a lot of momentum," Chief Executive Robert Ford said in a statement.

The company now expects full-year 2020 earnings of at least $2.35 a share, or an adjusted $3.55.

Analysts surveyed by FactSet are expecting the company to report earnings of $3.34 a share.

During the quarter, Abbott received Food and Drug Administration emergency-use authorization for its 15-minute COVID-19 test.

Curious about what Jim Cramer and his team at Action Alerts PLUS are watching in Abbott's earnings? Read their market updates. 

You can follow Jim Cramer and Katherine Ross on Twitter at @JimCramer and @byKatherineRoss. Read more from Katherine Ross here.

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