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Abbott Q4 Profit Tops Estimates; Net Sales Up 7.7% On Organic Basis

Abbott (ABT) reported fourth quarter earnings per share from continuing operations, excluding items, of $1.32 compared to $1.45, prior year. On average, 18 analysts polled by Thomson Reuters expected the company to report profit per share of $1.21, for the quarter. Analysts' estimates typically exclude special items.

Net profit from continuing operations was $1.99 billion or $1.11 per share compared to $2.16 billion or $1.20 per share.

Fourth-quarter sales were $11.5 billion, up 7.2 percent on a reported basis and 7.7 percent on an organic basis, which excludes the impact of foreign exchange. Analysts on average had estimated $10.71 billion in revenue. Excluding COVID-19 testing-related sales, fourth-quarter sales growth was 9.6 percent and organic sales growth was 10.3 percent.

The company projects full-year 2022 earnings per share from continuing operations under GAAP of at least $3.43. Excluding items, projected adjusted earnings per share from continuing operations would be at least $4.70. Analysts expect the company to report profit per share of $4.78.

Abbott projects first-quarter earnings per share from continuing operations under GAAP of at least $1.20. Excluding items, projected adjusted earnings per share from continuing operations would be at least $1.50. Analysts expect the company to report profit per share of $1.13.

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