Abbott Laboratories
beat expectations for its third quarter and raised its earnings outlook for the full year, but noted that quarterly sales took a hit from Covid-19 testing declines and shortages of baby formula.
For the third quarter that ended Sept. 30, Abbott (ticker: ABT) reported adjusted earnings of $1.15 a share on sales of $10.4 billion. Analysts polled by FactSet had expected adjusted earnings of 94 cents a share on sales of $9.6 billion. A year ago, Abbott posted earnings of $1.40 a share on revenue of $10.9 billion.