By Dean Seal
Abbott Laboratories posted a wider profit and 10% sales growth in the second quarter, despite the hit it took from a voluntary recall and manufacturing shutdown for infant formula products made at one of its U.S. plants.
The Abbott Park, Ill.-based healthcare-products company reported net earnings of $2.02 billion, or $1.14 a share, compared with $1.19 billion, or 66 cents a share, in the same period a year ago.
Stripping out costs associated with a product recall, acquisitions and other one-time items, adjusted earrings were $1.43 a share. Analysts polled by FactSet had been expecting $1.13 a share.
Net sales were $11.26 billion, compared with $10.22 billion last year. Analysts surveyed by FactSet had been expecting $10.3 billion.
The company said that excluding $2.32 billion in Covid-19 testing-related revenue, worldwide sales ticked down during the quarter due to its infant formula recall.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
07-20-22 0817ET