Abbott Laboratories (NYSE:ABT) reported stable third quarter profits on Wednesday, with earnings of $1.44 billion or 82 cents per share. The adjusted earnings, which came in at $1.14 per share, surpassed market estimates. Despite a slight decline in revenue from $10.41 billion a year ago to $10.14 billion, the figures still exceeded the projected market consensus of $9.82 billion.
Organic sales saw an increase of 14%, once factors such as the acquisition of Cardiovascular Systems (NASDAQ:CSII), declining COVID-19 tests, and foreign exchange translations were excluded. The company's infant formula business experienced a nearly 21% surge in global sales following the voluntary recall of Similac, indicating a recovery in the market.
Additionally, Abbott's adult nutrition sector, led by the Ensure nutrition drink, reported an 11% sales increase. These positive developments come even as Abbott exits its pediatric nutrition business in China.
In light of these results, Abbott has revised its full-year earnings guidance and raised the midpoint of its adjusted earnings outlook. This move suggests a positive trajectory for the company despite some challenges in the past quarter.
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