UPDATE: Abbott Posts Upbeat Q3 Profit, Lifts Dividend

Abbott Laboratories

reported a 50% drop in its third-quarter earnings and lifted its quarterly dividend by 57% to $0.22 per share. Abbott's quarterly profit fell to $966 million, or $0.61 per share, from $1.94 billion, or $1.21 per share, in the year-ago quarter. Excluding one-time items, its adjusted earnings from continuing operations rose to $0.55 per share, beating analysts' estimates of $0.51 per share. Its revenue rose 2% to $5.37 billion, versus analysts' estimates of $5.39 billion. Abbott shares rose 1.60% to $34.25 in pre-market trading.