Why Abbott Laboratories Stock Was a Winner on Wednesday

Core Insights - Abbott Laboratories reported third-quarter earnings that exceeded analyst expectations, leading to a 1.5% increase in its stock price, outperforming the S&P 500 index's 0.5% gain [1] Financial Performance - Abbott's revenue for the quarter was approximately $10.64 billion, reflecting a year-over-year growth of nearly 5% [2] - Non-GAAP adjusted net income rose by 6% to $2.12 billion, equating to $1.21 per share, slightly above the consensus estimates of $10.56 billion in revenue and $1.20 per share [2] - The medical devices segment was the primary driver of growth, generating nearly $4.75 billion, a 14% increase compared to the previous year [2] - The nutrition segment also performed well, with a 10% increase to almost $2.1 billion [2] Management Guidance - CEO Robert Ford expressed confidence in the company's performance, indicating that Abbott is well-positioned to achieve the upper end of its initial guidance for the year [3] - The company raised its adjusted earnings guidance for full-year 2024 to a range of $4.64 to $4.70 per share, anticipating revenue growth of 9.5% to 10% over 2023 results [3]