Abbott attributes Q3 product sales decrease to little one components scarcity, a lot less COVID-19 screening

Abbott Laboratories
ABT,
+1.41%
reported Wednesday that it had earnings of $1.4 billion, or $1.15 per share, in the 3rd quarter of 2022, in contrast with $2.1 billion, or $1.40, in the very same quarter a year in the past. Adjusted earnings for every share were being $1.15, versus a FactSet consensus of 94 cents. The firm described that revenue fell 4.7% to $10.4 billion in the third quarter, driven by declining gross sales in its nutrition organization, which has been dealing with shortages of infant components due to the fact the commence of the 12 months, and falling product sales of COVID-19 exams. The FactSet consensus for full revenue in the quarter was $9.6 billion. Full nourishment product sales are down 14.9% to $1.8 billion, and profits in its diagnostics organization tumbled 6.2% to $3.6 billion. Abbott explained it lifted modified EPS for the 12 months to $5.17 to $5.23. The company’s stock is down 25.4% this year, although the broader S&P 500
SPX,
+1.14%
has declined 21.9%.