Abbott Laboratories ABT had better-than-expected earnings and revenue in the fourth quarter of 2022, though headwinds from its baby formula business and declining COVID-19 test sales are still weighing on the company’s performance. Abbott had a profit of $1.0 billion, or 59 cents per share, in the fourth quarter of 2022, down from $1.9 billion, or $1.11 per share, in the same quarter of 2021. Adjusted earnings per share were $1.03, against a FactSet consensus of 93 cents. Abbott had revenue of $10.1 billion for the quarter, beating the FactSet consensus of $9.6 billion. The company’s nutrition business, which includes the baby formulas at the center of last year’s shortage, had $1.8 billion in revenue. The FactSet consensus was $1.9 billion. Its diagnostics division reported $3.3 billion in revenue, including about $1.1 billion in sales of COVID-19 tests in the final three months of the year. The FactSet consensus was $2.6 billion. Abbott issued guidance for 2023, saying it expects EPS of $3.05 to $3.25 and adjusted EPS of $4.30 to $4.50. The company’s stock is down 8.7% over the past 12 months, while the broader S&P 500 SPX has declined 7.4%.
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