By Dean Seal

Abbott Laboratories' adjusted earnings came in above Wall Street expectations for the third quarter while its net earnings and sales dropped from last year.

The Abbott Park, Ill.-based healthcare-products company logged earnings of $1.44 billion, or 81 cents a share, compared with $2.1 billion, or $1.17 cents a share, in the same period a year ago.

Stripping out one-time items, adjusted earnings were $1.15 a share. Analysts polled by FactSet had been expecting 94 cents a share.

Net sales were $10.4 billion, down from $10.93 billion last year. Analysts surveyed by FactSet had been expecting $9.65 billion.

The company said that without foreign-exchange effects, sales would have increased 1.3% year-over-year.

Shares edged 1.1% lower, to $103.33, in premarket trading.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

October 19, 2022 08:00 ET (12:00 GMT)

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