July 18, 2018 / 12:19 PM / 5 months ago

Abbott Labs tops profit estimates, raises full-year earnings forecast

July 18 (Reuters) - Abbott Laboratories raised its full-year earnings forecast and reported a quarterly profit that beat analysts’ estimates, powered by higher sales across its businesses, including its top-earning medical device unit.

The diversified healthcare company said on Wednesday medical device sales rose 11.3 percent to $2.89 billion in the second quarter, ahead of the average analyst estimate of $2.66 billion.

The unit, which accounted for nearly 38 percent of the company’s revenue last year, benefited from sales of its FreeStyle Libre device for diabetics that helps monitor blood sugar levels without the need to prick fingers frequently.

Abbott raised its full-year forecast for adjusted earnings from continuing operations to between $2.85 per share and $2.91 per share, from a prior range of $2.80 to $2.90.

Excluding items, the company earned 73 cents per share, ahead of analysts’ average estimate of 71 cents, according to Thomson Reuters I/B/E/S.

Net sales rose 17 percent to $7.78 billion, above analysts’ estimate of $7.71 billion.

Net earnings increased to $733 million, or 41 cents per share, in the second quarter ended June 30, from $283 million, or 16 cents per share, a year earlier.

The company’s shares rose 2 percent to $64.10 in premarket trade. (Reporting by Tamara Mathias in Bengaluru; Editing by Sriraj Kalluvila)

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