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Abbott Stock Is Rising. Earnings Beat and Guidance Was Strong.

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Healthcare-products firm Abbott beat third-quarter estimates despite a drop in sales of Covid-19 testing kits. It raised the midpoint of earnings guidance...

Abbott Laboratories stock was rising Wednesday after the maker of healthcare products reported strong earnings and revenue.

Sales declined slightly from the prior year, led by a 33% drop in diagnostics-segment revenue from 2022, and worldwide Covid-19 testing-kits sales were $305 million in the quarter compared with $1.67 billion a year ago. Newsletter Sign-up Abbott also narrowed 2023 adjusted earnings-per-share guidance to $4.42 to $4.46, lifting the midpoint to $4.44. In its second-quarter report, Abbott had guided 2023 earnings per share of $4.30 to $4.50, with a midpoint of $4.40.

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