Abbott's Q3 sales down by 4.7% to $10.4B

Wednesday, 19. October 2022 13:36

Abbott Laboratories said on Wednesday its sales contracted by 4.7% in the third quarter of 2022 compared to the same period a year ago to reach $10.4 billion. According to the statement published by the firm, the drop in sales was due to a negative impact of the declines in COVID-19 testing-related sales and the manufacturing stoppage since February of certain infant formula products.

The company's operating earnings plummeted 30.5% to $1.8 billion year over year, while net earnings decreased by 31.7% to $1.4 billion. Finally, the company declared that Diluted Earnings per Common Share fell 17.9% to $1.15. However, Abbott's full-year 2022 guidance takes COVID-19 testing-related sales of $7.8 billion, including sales of $7.3 billion "through September 2022 and projected sales of $0.5 billion in the fourth quarter."

"Our results and increased guidance in the current macroeconomic environment reflect the strength of our diversified business model and execution," said Robert B. Ford, chairman, and chief executive officer. Abbott's shares went down 2.33% after the publication of its report to sell for $102.53.

Related Links: Abbott Laboratories
Author:
Baha Breaking News (BBN) / JG