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Abbott Labs announced earnings per share of $0.98, an increase of 16.7% from the previous year, on revenue of $8.85 billion, up 9.6%. Analysts polled by Investing.com expected EPS of $0.9 on revenue of $8.5 billion.
The company’s stock rose 1.1% pre-market, but are still down 6% from the beginning of the year.
“Our strong results and increased guidance are a direct reflection of our ability to innovate and deliver despite challenging conditions,” said Robert B. Ford, president and chief executive officer, Abbott. “Our new product pipeline continues to be highly productive, and we’re well-positioned to finish the year with a lot of momentum.”
The company’s worldwide Diagnostics sales increased 38.2 percent on a reported basis in the third quarter, helped by demand for Abbott’s portfolio of Covid-19 diagnostics tests. In August, Abbott received FDA Emergency Use Authorization for its Covid-19 rapid test. Global Covid-19 testing-related sales were $881 million in the quarter.
Its worldwide Medical Devices sales increased 3.4 percent, while Pharmaceuticals sales were less impressive, falling 9.3 percent in the third quarter.
Abbott projects full-year 2020 diluted earnings per share from continuing operations under GAAP of at least $2.35.
Stay up-to-date on all of the upcoming earnings reports by visiting Investing.com’s earnings calendar
