Abbott Labs 3Q Earnings Rise as Covid-19 Testing Lifts Diagnostics Business
October 20 2021 - 7:12AM
Dow Jones News
By Matt Grossman
Abbott Laboratories on Wednesday posted greater third-quarter
sales and earnings year over year, with Covid-19 testing revenue
giving the company's diagnostics business a lift.
The Abbott Park, Ill.-based medical-products maker posted
earnings of $1.17 a share, up from 69 cents a share 12 months ago.
Net earnings rose to $2.1 billion from $1.23 billion in the
prior-year period.
Stripping out one-time items, Abbott's adjusted earnings were
$1.40 a share. According to FactSet's survey, analysts were
forecasting adjusted earnings of 94 cents a share.
Sales rose to $10.93 billion, from $8.85 billion a year ago.
Analysts had been anticipating sales of $9.56 billion.
Sales grew across the company's divisions. Nutrition sales were
up 9.6%, while medical-device sales climbed 15%. Diagnostics sales
rose 48%, boosted by Covid-19 testing.
Abbott's global Covid-19 testing sales were $1.9 billion in the
quarter.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
October 20, 2021 07:57 ET (11:57 GMT)
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