AbbVie Earnings: Here’s Why Investors are Buying Shares Now
AbbVie (NYSE:ABBV) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 3%.
AbbVie Earnings Cheat Sheet
Revenue: Rose 4.43% to $4.69 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: AbbVie reported adjusted EPS income of $0.82 per share. By that measure, the company beat the mean analyst estimate of $0.79. It beat the average revenue estimate of $4.54 billion.
Quoting Management: “AbbVie has delivered strong performance in both the second quarter and the first six months as an independent company,” said Richard A. Gonzalez, chairman and chief executive officer, AbbVie. “Our first-half performance, including better-than-expected sales growth, has allowed us to increase our earnings-per-share guidance for the year. We also reached a number of key pipeline milestones this quarter, and remain very encouraged by the progress of our mid- and late-stage development programs.”
Key Stats (on next page)…
Revenue increased 8.39% from $4.33 billion in the previous quarter. EPS increased 20.59% from $0.68 in the previous quarter.
Looking Forward: Analysts have a more negative outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has fallen from a profit of $0.78 to a profit $0.77. For the current year, the average estimate has moved up from a profit of $3.11 to a profit of $3.12 over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)