Abbott attributes Q3 sales decline to baby formula shortage, less COVID-19 testing

Abbott Laboratories
ABT,
+1.41%
said Wednesday that it had earnings of $1.4 billion, or $1.15 per share, in the third quarter of 2022, compared with $2.1 billion, or $1.40, in the same quarter a year ago. Adjusted earnings per share were $1.15, against a FactSet consensus of 94 cents. The company reported that sales fell 4.7% to $10.4 billion in the third quarter, driven by declining sales in its nutrition business, which has been dealing with shortages of baby formula since the start of the year, and falling sales of COVID-19 tests. The FactSet consensus for total sales in the quarter was $9.6 billion. Total nutrition sales are down 14.9% to $1.8 billion, and sales in its diagnostics business tumbled 6.2% to $3.6 billion. Abbott said it raised adjusted EPS for the year to $5.17 to $5.23. The company’s stock is down 25.4% this year, while the broader S&P 500
SPX,
+1.14%
has declined 21.9%.