Trending: Abbott Says 3Q Sales Slip, Cites February Infant-Formula Production Shutdown
19 Oktober 2022 - 08:52PM
Dow Jones News
14:22 ET -- Abbott Laboratories is one of the most talked about
companies in the U.S. across all news items in the last 12 hours,
according to Factiva data. Abbott, which reported third-quarter
earnings Wednesday morning, said sales fell due to declining
Covid-19 testing and a manufacturing stoppage initiated in February
for certain infant-formula products made at its facility in
Sturgis, Mich., which just resumed in the third quarter. In the
company's earnings call, CEO Robert B. Ford said Abbott recovered
about half of the infant-formula market share that it had lost
during the manufacturing stoppage. Meanwhile, CFO Robert Funck said
the company isn't expecting Covid-19 cases and testing to have the
kind of major surge this winter compared with the past two years.
Shares are down 7%, at $97.64. Dow Jones & Co. owns Factiva.
(susan.solan@wsj.com)
(END) Dow Jones Newswires
October 19, 2022 14:37 ET (18:37 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
Abbott Laboratories (NYSE:ABT)
Historical Stock Chart
Von Feb 2024 bis Mär 2024
Abbott Laboratories (NYSE:ABT)
Historical Stock Chart
Von Mär 2023 bis Mär 2024