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Abbott Labs Sees Momentum Into 2020

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It's shaping up to be a great year for Abbott Laboratories  (ABT) - Get Abbott Laboratories Report from the company's own vantage point. 

The maker of glucose-detecting technology and equipment, including the popular FreeStyle Libre glucose monitoring system, on Wednesday announced that it's expecting a banner year in 2020, thanks to strong demand for its various medical device components.

Abbott on Wednesday posted fourth-quarter earnings that were largely in line with Wall Street forecasts and raised its first-quarter and full-year profit forecasts amid strong demand for its diabetes monitoring devices.

Medical devices sales increased 9.7%, led by double-digit organic sales growth in heart failure, electrophysiology, structural heart and diabetes care, the company said. Established pharmaceuticals sales increased 7.8%, led by growth across in Latin America and Asia. Core laboratory diagnostics sales increased 8.4%.

The big news, however, was its guidance for the coming quarter and year. 

For the first quarter, Abbott is now expecting adjusted earnings from continuing operations of between 69 cents and 71 cents a share. It expects adjusted per-share earnings of between $3.55 and $3.65 for full-year 2020.

"Our focus on organic growth is driving top-tier performance," CEO Miles White said in a statement. "We're entering 2020 with very good momentum and targeting continued strong growth."

Abbott Labs is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells ABT? Learn more now.

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