The company reported net income of $1.23 billion, or 69 cents a share, up from $960 million, or 53 cents, in the year-earlier period. The Abbott Park, Ill., company reported the latest adjusted earnings at 98 cents a share.
Revenue of $8.85 billion rose 9.6% year over year.
Analysts surveyed by FactSet were expecting earnings of 91 cents per share on revenue of $8.54 billion.
"Our new-product pipeline continues to be highly productive, and we're well-positioned to finish the year with a lot of momentum," Chief Executive Robert Ford said in a statement.
The company now expects full-year 2020 earnings of at least $2.35 a share, or an adjusted $3.55.
Analysts surveyed by FactSet are expecting the company to report earnings of $3.34 a share.
Abbott during the quarter received Food and Drug Administration emergency-use authorization for its 15-minute covid-19 test.
"Our strong results and increased guidance are a direct reflection of our ability to innovate and deliver despite challenging conditions," Ford said.
"We intentionally designed the BinaxNOW test and Navica app so we could offer a comprehensive testing solution to help Americans feel more confident about their health and lives," Ford said when Abbott unveiled the test.
"BinaxNOW and the Navica app give us an affordable, easy-to-use, scalable test, and a complementary digital health tool to help us have a bit more normalcy in our daily lives."
Abbott shares at last check were up 1.3% to $109.80.
Latest From TheStreet and Jim Cramer:
- PPE and Your Portfolio: Inside a Disruptive Industry
- Jim Cramer Says Earnings Pinpoint Stocks to Buy With or Without Stimulus
- Coronavirus: The Latest Numbers on the COVID-19 Pandemic
- PPE in the Ring: How O2 Industries Partnered With UFC
- How Much Do World Series Tickets Cost in 2020?
- How to Protect Your Portfolio for Any Election Outcome
- PPE and the Supply Chain: How O2 Industries Adapted During Pandemic