Abbott Laboratories on Thursday reported second-quarter net income of $537 million.
The company, based in north suburban Abbott Park, said it had profit of 30 cents per share. Earnings, adjusted for one-time gains and costs, came to 57 cents per share.
The results surpassed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 43 cents per share.
The maker of infant formula, medical devices and drugs posted revenue of $7.33 billion in the period, also topping Street forecasts. Six analysts surveyed by Zacks expected $6.83 billion.
A news release from Abbott said the company recorded worldwide sales of $7.3 billion in the second quarter, and noted that $615 million of that was related to COVID-19 diagnostic testing.
“Our diversified business model has proven to be a true strength during this time,” President and CEO Robert B. Ford said in the news release. Ford called Abbott “a leader in the global COVID-19 testing efforts” and said the company also “saw significant improvements in growth trends throughout the quarter in the business areas that were initially most impacted by the pandemic.”
Abbott shares have increased 11% since the beginning of the year, while the Standard & Poor’s 500 index has stayed nearly flat. The stock has increased 15% in the last 12 months.
This story was partly generated by Automated Insights using data from Zacks Investment Research.
Follow @ChiTribBusiness on Facebook and @ChiTribBiz on Twitter.
