Abbott reported stronger-than-expected third-quarter results and provided full-year guidance to the upside.
The company reported a 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.
During the quarter, Abbott received Food and Drug Administration emergency-use authorization for its 15-minute COVID-19 test.
Curious about what Jim Cramer and his team at Action Alerts PLUS are watching in Abbott's earnings? Read their market updates.
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