Abbott Raises Profit Forecast Amid Strong Earnings

Abbott Laboratories reported better-than-expected third-quarter earnings, driven by strong demand for its medical devices, particularly glucose-monitoring products. The company posted adjusted earnings per share of $1.21, surpassing analysts' expectations, and net income rose to $1.646 billion from $1.436 billion a year ago. Revenue increased by 4.9% year-over-year to $10.64 billion, also exceeding estimates. Abbott slightly raised its full-year profit forecast to a range of $4.64 to $4.70 per share, reflecting robust sales growth in its medical devices sector, especially for diabetes care. Despite underperforming the broader market this year, the company's consistent earnings surprises highlight its potential for future growth. Abbott's stock has gained approximately 5.4% year-to-date, trailing the S&P 500's 21.9% rise.