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MarketScreener Homepage  >  Equities  >  Nyse  >  Abbott Laboratories    ABT

ABBOTT LABORATORIES

(ABT)
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ABBOTT LABORATORIES : Management's Discussion and Analysis of Financial Condition and Results of Operations (form 10-Q)

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07/29/2020 | 05:18pm EDT

Financial Review - Results of Operations




Abbott's revenues are derived primarily from the sale of a broad line of health
care products under short-term receivable arrangements.  Patent protection and
licenses, technological and performance features, and inclusion of Abbott's
products under a contract impact which products are sold; price controls,
competition and rebates impact the net selling prices of products; and foreign
currency translation impacts the measurement of net sales and costs.  Abbott's
primary products are medical devices, diagnostic testing products, nutritional
products and branded generic pharmaceuticals.



During the first six months of 2020, the coronavirus (COVID-19) pandemic
affected Abbott's diversified health care businesses in various ways.  As is
further described below, some businesses faced challenges, others have been
relatively stable, and still others are performing at the levels required to
successfully meet new demands. Beginning in February, cardiovascular and
neuromodulation procedures and routine core laboratory diagnostic testing
volumes declined in China as that country implemented quarantine restrictions
and postponed non-emergency health care activities. As March progressed,
procedures and routine testing volumes in China steadily improved from the
low
levels seen in February.


As COVID-19 spread geographically, the impact initially expanded to certain
countries in Asia and Europe beginning in late February, and more broadly across
Europe and the U.S. during March and April.  As the health care systems in these
countries shifted their focus to fighting COVID-19, the impact on cardiovascular
and neuromodulation device procedures and routine diagnostic testing volumes was
similar to what was experienced in China in February. As a result, as is further
described below, sales of cardiovascular and neuromodulation devices and routine
diagnostic tests declined during the first six months of 2020 from the prior
year.  Encouragingly, routine testing and procedure volume improved across
Abbott's hospital-based businesses as the second quarter progressed as both
demand for procedures and availability of health care resources began to return
to more normal levels.


Abbott mobilized its teams across multiple fronts to develop and launch six new diagnostic tests for COVID-19:

In March, Abbott launched a molecular test on its m2000™ RealTime lab-based

? platform to detect COVID-19 pursuant to an Emergency Use Authorization (EUA) in

the U.S. and CE Mark.

? In March, Abbott also launched a molecular test to detect COVID-19 on its ID

NOW™ rapid point-of-care platform in the U.S. pursuant to an EUA.

In April, Abbott launched a lab-based serology blood test on its ARCHITECT®

? i1000SR and i2000SR® laboratory instruments for the detection of an antibody to

determine if someone was previously infected with the virus. The serology test

was granted an EUA in the U.S. on April 26, 2020 and CE Mark on April 24, 2020.

? In May, Abbott launched a lab-based serology blood test on its Alinity® i

system pursuant to an EUA in the U.S. and CE Mark.

In May, Abbott also launched a molecular test on its Alinity m system to detect

? COVID-19 pursuant to an EUA in the U.S. Abbott received CE Mark for this test

in June 2020.

In June, Abbott launched a lateral flow COVID-19 rapid antibody test on its

? Panbio™ system in select countries. This serology test detects an antibody to

   determine if someone was previously infected with the virus.




During the first six months of 2020, Abbott's COVID-19 testing related sales
totaled $652 million, of which the vast majority were generated in the second
quarter of 2020.


Abbott is continually implementing business continuity plans in the face of the
pandemic.  Due to the critical nature of its products and services, Abbott was
generally exempt from governmental orders issued during the first quarter of
2020 in the U.S. and other countries requiring businesses to cease operations.
The majority of its office-based work was conducted remotely during the period
of such governmental orders and the company implemented strict travel
restrictions.  As governmental orders were lifted in May and June 2020, Abbott
entered a new phase in its operations whereby some office-based employees
started working at Abbott's offices on a rotational basis.  Abbott has taken
aggressive steps to limit exposure and enhance the safety of its facilities for
employees working to continue to supply healthcare products to hospital and
other customers.



With respect to Abbott's financial position, at June 30, 2020, Abbott's cash and
cash equivalents and short-term investments totaled approximately $5.0 billion
compared to $4.1 billion at December 31, 2019.  The increase includes the impact
of a $1.3 billion bond offering that was completed in June 2020.  Existing
credit agreements are in place that would provide additional access to $5
billion, if needed.



Due to the unpredictability of the duration and impact of the current COVID-19
pandemic, the extent to which the COVID-19 pandemic may have a material effect
on its business, financial condition or results of operations is uncertain.


                                       18

  Table of Contents

The following table details sales by reportable segment for the three and six
months ended June 30.  Percent changes are versus the prior year and are based
on unrounded numbers.




                                                           Net Sales to External Customers
                                       Three Months     Three Months
                                           Ended            Ended                   Impact of    Total Change
                                         June 30,         June 30,        Total      Foreign     Excl. Foreign
(in millions)                              2020             2019         Change     Exchange       Exchange

Established Pharmaceutical Products    $       1,013$       1,108      (8.6) %      (7.9) %          (0.7) %
Nutritional Products                           1,883            1,875        0.4        (2.7)              3.1
Diagnostic Products                            1,994            1,905        4.7        (2.4)              7.1
Medical Devices                                2,423            3,075     (21.2)        (1.3)           (19.9)
Total Reportable Segments                      7,313            7,963      (8.2)        (2.8)            (5.4)
Other                                             15               16     (11.3)        (1.0)           (10.3)
Net Sales                              $       7,328$       7,979      (8.2)        (2.8)            (5.4)

Total U.S.                             $       2,638$       2,850      (7.4)            -            (7.4)

Total International$       4,690$       5,129      (8.6)        (4.4)            (4.2)





                                                          Net Sales to External Customers
                                        Six Months      Six Months
                                          Ended           Ended            

Impact of Total Change

                                        June 30,        June 30,        Total      Foreign     Excl. Foreign
(in millions)                              2020            2019        Change     Exchange       Exchange

Established Pharmaceutical Products    $      2,057$      2,100      (2.1) %      (6.1) %            4.0 %
Nutritional Products                          3,787           3,667        3.3        (1.8)              5.1
Diagnostic Products                           3,820           3,746        2.0        (2.0)              4.0
Medical Devices                               5,360           5,970     (10.2)        (1.4)            (8.8)
Total Reportable Segments                    15,024          15,483      (3.0)        (2.3)            (0.7)
Other                                            30              31      (3.4)        (1.1)            (2.3)
Net Sales                              $     15,054$     15,514      (3.0)        (2.3)            (0.7)

Total U.S.                             $      5,494$      5,604      (1.9)            -            (1.9)

Total International$      9,560$      9,910      (3.5)        (3.5)                -



Note: In order to compute results excluding the impact of exchange rates, current year U.S. dollar sales are multiplied or divided, as appropriate, by the current year average foreign exchange rates and then those amounts are multiplied or divided, as appropriate, by the prior year average foreign exchange rates.

The 5.4 percent decrease in total net sales in the second quarter of 2020,
excluding the impact of foreign exchange, was primarily driven by a decrease in
the Medical Devices segment as a result of the COVID-19 pandemic.  Abbott's net
sales were unfavorably impacted by changes in foreign exchange rates during the
period compared to the second quarter of 2019.  The relatively stronger U.S.
dollar decreased total international sales by 4.4 percent and total sales by 2.8
percent in the second quarter of 2020.



The 0.7 percent decrease in total net sales during the first six months of 2020,
excluding the impact of foreign exchange, was driven by a decrease in the
Medical Devices segment due to reduced procedure volumes as a result of the
pandemic.  The decrease in the Medical Devices segment was mostly offset by
growth in the Nutritional Products, Diagnostics and Established Pharmaceuticals
segments. Abbott's net sales were unfavorably impacted by changes in foreign
exchange rates in the first six months of 2020 as the relatively stronger U.S.
dollar decreased total international sales by 3.5 percent and total sales by 2.3
percent.



                                       19

  Table of Contents

The table below provides detail by sales category for the six months ended June
30. Percent changes are versus the prior year and are based on unrounded
numbers.




                                                                                          Impact of    Total Change
                                                   June 30,       June 30,      Total      Foreign     Excl. Foreign
(in millions)                                        2020           2019        Change    Exchange       Exchange
Established Pharmaceutical Products -
Key Emerging Markets                              $     1,577$     1,605     (1.7) %      (7.6) %            5.9 %
Other Emerging Markets                                    480            495     (3.1)        (1.0)            (2.1)

Nutritionals -
International Pediatric Nutritionals                    1,111          1,152     (3.6)        (2.6)            (1.0)
U.S. Pediatric Nutritionals                             1,002            928       8.0            -              8.0
International Adult Nutritionals                        1,056            982       7.6        (3.9)             11.5
U.S. Adult Nutritionals                                   618            605       2.2            -              2.2

Diagnostics -
Core Laboratory                                         1,976          2,230    (11.4)        (2.2)            (9.2)
Molecular                                                 498            215     131.1        (4.6)            135.7
Point of Care                                             256            280     (8.4)        (0.6)            (7.8)
Rapid Diagnostics                                       1,090          1,021       6.8        (1.3)              8.1

Medical Devices -
Rhythm Management                                         875          1,062    (17.6)        (1.2)           (16.4)
Electrophysiology                                         687            835    (17.8)        (0.8)           (17.0)
Heart Failure                                             361            385     (6.1)        (0.5)            (5.6)
Vascular (a)                                            1,106          1,439    (23.1)        (1.2)           (21.9)
Structural Heart                                          541            676    (20.0)        (1.1)           (18.9)
Neuromodulation                                           283            405    (30.1)        (0.6)           (29.5)
Diabetes Care                                           1,507          1,168      29.0        (2.9)             31.9

(a) Vascular Product Lines:
Coronary and Endovascular                               1,069          1,378    (22.4)        (1.3)           (21.1)




Key Emerging Markets for the Established Pharmaceutical Products business
include India, Russia, Brazil and China, along with several other markets that
represent the most attractive long-term growth opportunities for Abbott's
branded generics product portfolio.  Excluding the unfavorable effect of foreign
exchange, sales in the Key Emerging Markets increased 5.9 percent compared to
the first six months of 2019 led primarily by growth in China, Russia, India and
various countries in Latin America.  The six-month growth rate was negatively
impacted by lower demand in the second quarter of 2020 due to the increased
spread of COVID-19 across several emerging market countries. Other Emerging
Markets, excluding the effect of foreign exchange, decreased by 2.1 percent in
the first six months of 2020.

                                       20

Table of Contents

International Pediatric Nutritional sales, excluding the effect of foreign
exchange, decreased 1.0 percent in the first six months of 2020 versus the
comparable 2019 period.  Growth across Abbott's pediatric products in various
countries in Southeast Asia and Latin America was more than offset by
challenging market dynamics in the Greater China infant category. U.S. Pediatric
Nutritional sales increased 8.0 percent primarily due to increased demand for
Pedialyte®, Abbott's oral rehydration brand.  The 11.5 percent increase in
International Adult Nutritional sales, excluding the effect of foreign exchange,
reflects continued growth of the Glucerna® and Ensure® brands in several
countries.  U.S. Adult Nutritional sales increased 2.2 percent primarily due to
growth in Ensure.



In the Diagnostics segment, Core Laboratory sales decreased 9.2 percent,
excluding the effect of foreign exchange, as the lower volume of routine testing
performed in hospital and other laboratories due to COVID-19 was partially
offset by sales  of Abbott's COVID-19 laboratory-based tests for the detection
of the IgG antibody, which determines if someone was previously infected with
the virus.  Core Laboratory IgG antibody testing-related sales on Abbott's
ARCHITECT and Alinity i platforms were $152 million in the first six months of
2020.  The 135.7 percent increase in Molecular Diagnostics sales, excluding the
effect of foreign exchange, reflects higher volumes due to demand for Abbott's
laboratory-based molecular tests for COVID-19 on its m2000 and Alinity m
platforms. Molecular Diagnostics COVID-19 testing-related sales were $318
million in the first six months of 2020.



In Rapid Diagnostics, sales increased 8.1 percent, excluding the effect of
foreign exchange, as strong demand for Abbott's point-of-care COVID-19 molecular
test on its ID NOW platform in the U.S. and increased testing in the first
quarter for the flu in the U.S. was partially offset by the unfavorable impact
of COVID-19 on routine diagnostic testing.  Rapid Diagnostics COVID-19
testing-related sales were $182 million in the first six months of 2020.



Excluding the effect of foreign exchange, total Medical Devices sales decreased
8.8 percent; the decrease was driven by the impact of COVID-19 on Abbott's
cardiovascular and neuromodulation businesses, partially offset by double-digit
growth in Diabetes Care.  Growth in Diabetes Care sales was driven by continued
growth of FreeStyle Libre®, Abbott's continuous glucose monitoring system,
internationally and in the U.S.  FreeStyle Libre sales totaled $1.197 billion in
the first six months of 2020, which reflected a 50.4 percent increase, excluding
the effect of foreign exchange, over the first six months of 2019 when FreeStyle
Libre sales totaled $812 million.  In June, Abbott announced U.S. Food and Drug
Administration (FDA) clearance of FreeStyle Libre 2 as an integrated continuous
glucose monitoring (iCGM) system for adults and children ages 4 and older with
diabetes.


In Abbott's cardiovascular and neuromodulation businesses, revenues during the
first six months of 2020 were negatively impacted by reduced procedure volumes
due to COVID-19.  Procedure volume trends improved over the course of the second
quarter as both demand for procedures and availability of healthcare resources
began to return to more normal levels.  In April, Abbott announced CE Mark
approval for its TriClip® heart valve repair system, the world's first minimally
invasive, clip-based tricuspid heart valve repair device.  In July, Abbott
announced U.S. FDA approval of its next-generation Gallant™ implantable
cardioverter defibrillator and cardiac resynchronization therapy defibrillator
devices to help manage heart rhythm disorders. These devices offer Bluetooth
technology and a new patient smartphone app for improved remote monitoring and
enhanced patient-physician engagement.



In April 2017, Abbott received a warning letter from the U.S. FDA related to its
manufacturing facility in Sylmar, CA which was acquired by Abbott on January 4,
2017 as part of the acquisition of St. Jude Medical.  This facility manufactures
implantable cardioverter defibrillators, cardiac resynchronization therapy
defibrillators, and monitors.  Abbott prepared and executed a comprehensive plan
of corrective actions.  On April 28, 2020, Abbott received a letter from the FDA
indicating that, based on the FDA's evaluation, it appeared that Abbott had
addressed the items in the warning letter.  As a result, the warning letter
is
considered closed.


The gross profit margin percentage was 47.9 percent for the second quarter of
2020 compared to 52.8 percent for the second quarter of 2019.  The gross profit
margin percentage was 49.1 percent for the first six months of 2020 compared to
52.3 percent for the first six months of 2019.  The decreases in the gross
profit margin percentage primarily reflect the unfavorable impact of COVID-19
and the mix of geographical sales on the cardiovascular, neuromodulation and
core diagnostic businesses, as well as the increase in intangible asset
amortization and the unfavorable effect of foreign exchange on gross margin
in
2020.


Research and development expenses decreased by $13 million, or 2.1 percent, in
the second quarter of 2020 and decreased by $107 million, or 8.6 percent, in the
first six months of 2020 compared to the prior year. The decrease in the second
quarter of 2020 reflects lower R&D spending in various businesses and the
favorable effect of foreign exchange. The decrease in R&D spending in the first
six months of 2020 primarily reflects the immediate expensing in the first
quarter of 2019 of an R&D asset valued at $102 million, in conjunction with the
acquisition of Cephea Valve Technologies, Inc. The decrease in R&D expense
during the first six months of 2020 was also driven by the favorable effect of
foreign exchange. For the six months ended June 30, 2020, research and
development expenditures totaled $608 million for the Medical Devices segment,
$270 million for the Diagnostic Products segment, $90 million for the
Nutritional Products segment and $85 million for the Established Pharmaceutical
Products segment.



Selling, general and administrative (SG&A) expenses decreased 6.5 percent in the
second quarter and decreased 1.8 percent in the first six months of 2020.  The
decrease in the quarter is primarily due to the favorable effect of foreign
exchange, lower travel expenses due to COVID-19 mobility restrictions, and
various cost saving initiatives to mitigate the unfavorable impact of COVID-19
on sales in 2020.  The decrease in the first six months of 2020 is due primarily
to the favorable effect of foreign exchange.



Restructuring Plans


The results for the first six months of 2020 reflect charges under approved
restructuring plans as part of the integration of the acquisitions of St. Jude
Medical and Alere or as a part of various cost reduction programs. Abbott
recorded employee related severance and other charges of $33 million in the
first six months of 2020 related to these initiatives, of which $4 million is
recognized in Cost of products sold, $2 million is recognized in Research and
development and $27 million is recognized in SG&A. See Note 7 to the financial
statements, "Restructuring Plans," for additional information regarding these
charges.





                                       21

  Table of Contents

Other (Income) Expense, net



Other (income) expense, net totaled $22 million of expense in the second quarter
of 2020 compared to $38 million of income in 2019 and $21 million of expense in
the first six months of 2020 compared to $85 million of income in 2019. The
changes in Other (income) expense, net primarily reflect equity investment
impairments that totaled approximately $60 million in the second quarter of 2020
and $110 million in the first six months of 2020.



Interest Expense, net


Interest expense, net decreased $21 million in the second quarter of 2020 and $48 million in the first six months of 2020 due to a reduction in interest expense resulting from the favorable impact of the euro debt financing in November of 2019, the repayment of debt in 2019 and a lower interest rate environment in 2020.

Taxes on Earnings from Continuing Operations




Taxes on earnings from continuing operations reflect the estimated annual
effective rates and include charges for interest and penalties.  In the first
six months of 2020, taxes on earnings from continuing operations include
approximately $81 million in tax benefits related to the settlement of the
former St. Jude Medical consolidated group's 2014 through 2016 federal income
tax returns in the U.S. and $67 million in excess tax benefits associated with
share-based compensation. Earnings from discontinued operations, net of tax, in
the first six months of 2020 reflect the recognition of $20 million of net tax
benefits primarily as a result of the resolution of various tax positions
related to prior years.  In the first six months of 2019, taxes on earnings from
continuing operations include a $78 million reduction to the transition tax
related to the Tax Cut and Jobs Act (TCJA) and approximately $90 million in
excess tax benefits associated with share-based compensation.  The $78 million
reduction to the transition tax liability was the result of the issuance of
final transition tax regulations by the U.S. Department of Treasury in the
first
quarter of 2019.



Tax authorities in various jurisdictions regularly review Abbott's income tax
filings.  Abbott believes that it is reasonably possible that the recorded
amount of gross unrecognized tax benefits may decrease between $70 million and
$410 million, including cash adjustments, within the next twelve months as a
result of concluding various domestic and international tax matters.  In the
U.S., Abbott's federal income tax returns through 2016 are settled except for
the federal income tax returns of the former Alere consolidated group which
are
settled through 2015.


Liquidity and Capital Resources June 30, 2020 Compared with December 31, 2019




On June 24, 2020, Abbott completed the issuance of $1.3 billion aggregate
principal amount of senior notes, consisting of $650 million of its 1.15% Notes
due 2028 and $650 million of its 1.40% Notes due 2030.  Abbott intends to use
the net proceeds from the notes offering to repay the approximately $1.3 billion
of 0.00% Notes due September 2020.



The $903 million increase in cash and cash equivalents from $3.9 billion at
December 31, 2019 to $4.8 billion at June 30, 2020 primarily reflects the
proceeds from the issuance of $1.3 billion of debt and the favorable impact of
cash generated by operating activities, partially offset by the payment of
dividends and capital expenditures.  Working capital was $6.3 billion at June
30, 2020 and $4.8 billion at December 31, 2019.  The $1.5 billion increase was
due in large part to the higher level of cash and cash equivalents noted above
as well as an increase in inventory related to shifting demand dynamics.



In the Condensed Consolidated Statement of Cash Flows, Net cash from operating
activities for the first six months of 2020 totaled $2.0 billion, an increase of
$265 million over the prior year due primarily to a decrease in cash taxes paid,
payment timing for various accrued expenses and lower interest payments,
partially offset by lower earnings from operations.  Other, net in Net cash from
operating activities for the first six months of 2020 was a use of $205 million
and includes the impact of the payment of cash taxes of approximately $285
million and $335 million of pension contributions, partially offset by payment
timing for various accrued expenses and the impact of non-cash charges related
to equity investment impairments.  Other, net in Net cash from operating
activities for the first six months of 2019 was a use of $875 million and
includes $326 million of pension contributions and the payment of cash taxes of
approximately $615 million.   Abbott expects to fund cash dividends, capital
expenditures and its other investments in its businesses with cash flow from
operating activities, cash on hand, short-term investments and borrowings.



In September 2019, the board of directors authorized the early redemption of up
to $5 billion of outstanding long-term notes.  This bond redemption
authorization superseded the board's previous authorization under which $700
million had not yet been redeemed.  In December 2019, Abbott redeemed $2.850
billion of debt.  After this redemption, $2.15 billion of the $5 billion debt
redemption authorization remains available.



At June 30, 2020, Abbott's long-term debt rating was A- by Standard & Poor's
Corporation and A3 by Moody's Investors Service.  Abbott expects to maintain an
investment grade rating.  Abbott has readily available financial resources,
including lines of credit of $5.0 billion which expire in 2023.



In October 2019, the board of directors authorized the repurchase of up to $3
billion of Abbott's common shares from time to time. This authorization is in
addition to the $270 million unused portion of the share repurchase program
authorized in 2014.



On April 27, 2016, the board of directors authorized the issuance and sale for
general corporate purposes of up to 75 million common shares that would result
in proceeds of up to $3 billion.  No shares have been issued under this
authorization.



In each of the first two quarters of 2020, Abbott declared a quarterly dividend
of $0.36 per share on its common shares, which represents an increase of
approximately 12.5 percent over the $0.32 per share quarterly dividend declared
in each of the first two quarters of 2019.





                                       22

  Table of Contents

Recently Adopted Accounting Standards




In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting
Standards Update (ASU) 2016-13, Financial Instruments - Credit Losses, which
changes the methodology to be used to measure credit losses for certain
financial instruments and financial assets, including trade receivables.  The
new methodology requires the recognition of an allowance that reflects the
current estimate of credit losses expected to be incurred over the life of the
financial asset.  Abbott adopted the standard on January 1, 2020 and recorded a
cumulative adjustment that was not significant to Earnings employed in the
business in the Condensed Consolidated Balance Sheet.



Recently Issued Accounting Standards Not Yet Adopted




In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740):
Simplifying the Accounting for Income Taxes, which among other things,
eliminates certain exceptions in the current rules regarding the approach for
intraperiod tax allocations and the methodology for calculating income taxes in
an interim period, and clarifies the accounting for transactions that result in
a step-up in the tax basis of goodwill.  The standard becomes effective for
Abbott in the first quarter of 2021 and early adoption is permitted.  Abbott
does not expect adoption of this new standard to have a material impact on its
condensed consolidated financial statements.



Legislative Issues


Abbott's primary markets are highly competitive and subject to substantial
government regulations throughout the world.  Abbott expects debate to continue
over the availability, method of delivery, and payment for health care products
and services.  It is not possible to predict the extent to which Abbott or the
health care industry in general might be adversely affected by these factors in
the future.  A more complete discussion of these factors is contained in Item 1,
Business, and Item 1A, Risk Factors, in the 2019 Annual Report on Form 10-K.



Private Securities Litigation Reform Act of 1995 - A Caution Concerning Forward-Looking Statements




Under the safe harbor provisions of the Private Securities Litigation Reform Act
of 1995, Abbott cautions that any forward-looking statements made by Abbott are
subject to risks and uncertainties, including the impact of the COVID-19
pandemic on Abbott's operations and financial results, that may cause actual
results to differ materially from those indicated in the forward-looking
statements. Economic, competitive, governmental, technological and other factors
that may affect Abbott's operations are discussed in Item 1A, "Risk Factors'',
in the 2019 Annual Report on Form 10-K and in Item 1A, "Risk Factors", in the
Quarterly Report on Form 10-Q for the quarter ended March 31, 2020. Abbott
undertakes no obligation to release publicly any revisions to forward-looking
statements as a result of subsequent events or developments, except as required
by law.

© Edgar Online, source Glimpses

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Financials (USD)
Sales 2020 33 067 M - -
Net income 2020 3 667 M - -
Net Debt 2020 12 312 M - -
P/E ratio 2020 48,8x
Yield 2020 1,44%
Capitalization 179 B 179 B -
EV / Sales 2020 5,78x
EV / Sales 2021 5,04x
Nbr of Employees 107 000
Free-Float 88,8%
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Mean consensus OUTPERFORM
Number of Analysts 22
Average target price 113,44 $
Last Close Price 100,92 $
Spread / Highest target 28,8%
Spread / Average Target 12,4%
Spread / Lowest Target -18,7%
EPS Revisions
Managers
NameTitle
Robert B. Ford President, CEO, Chief Operating Officer & Director
Miles D. White Executive Chairman
Robert E. Funck Chief Financial Officer & Executive Vice President
Roxanne Schuh Austin Independent Director
Samuel C. Scott Independent Director
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