Abbott Labs Posts Higher 2Q Profit, Sales
20 Juli 2022 - 02:32PM
Dow Jones News
By Dean Seal
Abbott Laboratories posted a wider profit and 10% sales growth
in the second quarter, despite the hit it took from a voluntary
recall and manufacturing shutdown for infant formula products made
at one of its U.S. plants.
The Abbott Park, Ill.-based healthcare-products company reported
net earnings of $2.02 billion, or $1.14 a share, compared with
$1.19 billion, or 66 cents a share, in the same period a year
ago.
Stripping out costs associated with a product recall,
acquisitions and other one-time items, adjusted earrings were $1.43
a share. Analysts polled by FactSet had been expecting $1.13 a
share.
Net sales were $11.26 billion, compared with $10.22 billion last
year. Analysts surveyed by FactSet had been expecting $10.3
billion.
The company said that excluding $2.32 billion in Covid-19
testing-related revenue, worldwide sales ticked down during the
quarter due to its infant formula recall.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
July 20, 2022 08:17 ET (12:17 GMT)
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