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HomeMarketAbbott Earnings: Revenue Falls on Decline in Covid-Related Sales

Abbott Earnings: Revenue Falls on Decline in Covid-Related Sales

Abbott shares were falling about 1.8% early Wednesday.

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Photo by Tim Boyle/Getty Images

Abbott Laboratories
reported fourth-quarter adjusted earnings that beat Wall Street estimates but sales fell 12% from a year earlier on what the company called an “expected year-over-year decline in Covid-19 testing-related sales.”

Abbott (ticker: ABT) shares were down 1.8% in premarket trading.

Abbott reported an adjusted fourth-quarter profit of $1.03 a share, beating forecasts of 93 cents, on sales of $10.1 billion, topping expectations of $9.7 billion. Sales fell 12% from a year earlier $11.5 billion. Organic sales fell 6.1%.

Fourth-quarter worldwide nutrition sales declined 11.1% due to manufacturing disruptions to baby formula production in 2022 at a plant in Sturgis, Mich., where an inspection conducted by the Food and Drug Administration found traces of Cronobacter sakazakii, a bacteria deadly to infants.

The company issued 2023 full-year adjusted guidance of $4.30 to $4.50 a share, Wall Street analysts had penciled in $4.41 a share, according to FactSet.

Write to Emily Dattilo at emily.dattilo@dowjones.com

Credit: marketwatch.com

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