Abbott Laboratories (NYSE: ABT) is trading lower Tuesday morning after the company issued an updated outlook for 2021 below estimates.
What Happened: Abbott announced an update to its financial outlook for full-year 2021 as a result of significantly lower COVID-19 diagnostic testing demand.
Abbott expects full-year adjusted earnings-per-share to be $4.30 to $4.50, which came in below the estimate of $5.04 per share.
The company attributed the decreased testing demand to significant reductions in COVID-19 cases, accelerated rollout of COVID-19 vaccines globally and U.S. health authority guidance on testing for fully vaccinated individuals.
"We've recently seen a rapid decline in COVID-19 testing demand and anticipate this trend will continue, which led us to adjust our full-year guidance. At the same time, excluding COVID-19 tests, our organic base business growth is accelerating, we continue to see improving end-markets and our new product pipeline continues to be highly productive," said Robert Ford, president and CEO of Abbott.
Price Action: Abbott traded as high as $128.54 and as low as $86.16 over a 52-week period.
At last check, the stock was down 5% at $110.67.
Photo courtesy of Abbott.
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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