By Will Feuer

 

Abbott Laboratories posted higher sales in the fourth quarter, despite continued soft demand for the company's Covid-19 testing equipment.

The Abbott Park, Ill.-based healthcare products company reported a profit of $1.59 billion, or 91 cents a share, up from $1.03 billion, or 59 cents a share, in the same period a year earlier.

Stripping out one-time items, adjusted earnings were $1.19 a share, matching analysts' expectations.

Revenue rose almost 2% to $10.24 billion, topping the $10.19 billion that analysts expected.

Adjusting for acquisitions and divestitures, and stripping out sales of the company's Covid-19 testing equipment, revenue rose 11%. Covid-testing sales were $288 million in the fourth quarter, down from $1.07 billion a year earlier.

For 2024, Abbott forecast adjusted earnings of $4.50 a share to $4.70 a share. Analysts expected $4.63 a share.

The company is targeting annual growth in organic sales, excluding Covid-related sales, of 8% to 10%.

 

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

 

(END) Dow Jones Newswires

January 24, 2024 08:04 ET (13:04 GMT)

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