By Will Feuer

 

Abbott Laboratories posted higher profit and sales for the first quarter, led by a surge in diagnostics that was driven in part by an increase in the company's global Covid-19 testing sales.

The Abbott Park, Ill.-based medical-products company logged earnings of $1.37 a share, up from $1 a share a year earlier. Net earnings were $2.45 billion, up from $1.79 billion a year earlier.

Adjusted earnings were $1.73 a share. Analysts polled by FactSet had forecast adjusted earnings of $1.47 a share.

Sales for the quarter rose to $11.9 billion from $10.46 billion 12 months ago. Analysts were expecting revenue of $10.99 billion

Nutrition sales fell 7% to $1.89 billion. Diagnostics sales were up 32% to $5.29 billion. Medical-device revenue rose 7.4% to $3.57 billion.

Worldwide Covid-19 testing-related sales were $3.3 billion, up from $2.19 billion a year earlier.

 

Write to Will Feuer at Will.Feuer@wsj.com

 

(END) Dow Jones Newswires

April 20, 2022 08:05 ET (12:05 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
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