Abbott (ABT) Confirms FY22 EPS of at Least $4.70 Despite Recall

Abbott (NYSE: ABT) Confirms FY22 EPS of at least $4.70 Despite Recall

From the company:

On February 17, 2022, Abbott initiated a proactive, voluntary recall of Similac-brand powder infant formulas manufactured in Sturgis, Michigan. The recall primarily involves product distributed in the U.S. and Canada. Abbott is confirming its previously issued full-year 2022 guidance for adjusted diluted earnings per share from continuing operations of at least $4.70. Abbott will incur a one-time specified item in the first quarter 2022 for recall related expenses, including inventory destruction and other recall expenses. These expenses have not yet been quantified. However, Abbott does not expect that these expenses will have a material impact on Abbott’s consolidated financial statements. Abbott has issued a press release informing consumers.

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