Abbott Labs 3Q Earnings Rise as Covid-19 Testing Lifts Diagnostics Business

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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