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 firstname.lastname@example.org
(END) Dow Jones Newswires