By Dave Sebastian
Abbott Laboratories said its profit rose for the second quarter as it booked sales growth across its four major business areas.
The Abbott Park, Ill.-based healthcare-products company on Thursday posted net income of $1.19 billion, compared with $537 million in the prior year. Earnings were 66 cents a share, compared with 30 cents a share in the year-ago period.
Adjusted earnings were $1.17 a share. Net sales rose almost 40% to $10.22 billion.
Analysts polled by FactSet were expecting adjusted earnings of $1.02 a share on sales of $9.69 billion.
Diagnostics sales rose about 63% during the quarter, the company said. Global Covid-19 testing-related sales were $1.3 billion for the period, it added.
"Excluding Covid testing-related sales, our sales grew more than 11 percent on an organic basis compared to pre-pandemic levels in the second quarter of 2019," President and Chief Executive Robert Ford said.
The company said it continues to expect full-year earnings from continuing operations of $2.75 a share to $2.95 a share, or $4.30 a share to $4.50 a share on an adjusted basis.
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(END) Dow Jones Newswires