By
Darya Rudz
August 27th, 2020
After the Q2 report, Abbott (ABT) stock price is moving higher, setting new records. Today in the pre-market, it is up nearly 1.5%.
The Q2 2020 earnings season is going on. Now it’s a turn for Abbott Laboratories (NYSE: ABT). Despite the fact that the market in this period was strongly affected by the coronavirus pandemic that is still a serious threat for many countries, Abbott has managed to perform much better than expected in Q2.
Robert B. Ford, president and CEO, explained their impressive results the following way:
“Our diversified business model has proven to be a true strength during this time. We’re a leader in the global COVID-19 testing efforts, we’ve continued to advance our pipeline and, importantly, we saw significant improvements in growth trends throughout the quarter in the business areas that were initially most impacted by the pandemic.”
Adjusted earnings on $7.3 billion in sales 57 cents per share. However, as the Q2 worldwide sales of Abbott reached $7.3 billion, it means that they decreased by 8.2% on a reported basis (and by 5.4% if we are talking in relation to an organic basis, that doesn’t presuppose taking into account the impact of foreign exchange).
But these results are much better than the analysts used to forecast. They spoke about earnings of 43 cents per share while the sales were expected to be around $6.83 billion.
After the report, ABT stock price has started its move higher, beating new records. In the pre-market, at the time of writing, Abbott stock is at $98.25 (+1.57%) after closing at $96.73 (+2.01% yesterday). The market cap is $171.10 billion.
