Abbott Laboratories (NYSE:ABT) stock is falling on Wednesday despite posting a positive earnings report for the second quarter of 2022.
That earnings report starts with adjusted earnings per share of $1.43. That’s better than the $1.12 per share that Wall Street was expecting. To go along with that, it’s a 22.2% increase from the same period of the year prior.
In addition to that, Abbott Laboratories also reported revenue of $11.3 billion during the quarter. This comes in higher than the $10.22 billion reported in the second quarter of the previous year.
Adding to the positive news from the company is an increase in its adjusted EPS guidance for the full year of 2022. This has it expecting at least $4.90 per share for the year. This would see it beating out Wall Street’s adjusted EPS estimate of $4.88 for the year.
It’s possible the finer details of its revenue are what’s pulling ABT stock lower today. The company notes that its strong revenue is due to global Covid-19 testing sales of $2.3 billion. Without that, revenue would be down 0.3%. The company attributes this drop to an infant formula recall and manufacturing halt that started in February.
ABT stock also isn’t seeing heavy trading today even with its strong Q2 earnings report. Only some 2 million shares have changed hands. For comparison, its daily average trading volume is about 5.4 million shares.
ABT stock is down 2.5% as of Wednesday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
