Oct. 15--Abbott Laboratories reported its third-quarter profit jumped nearly 37 percent thanks to a patent settlement and ongoing sales improvement in its drug and medical-device businesses.

The North Chicago-based maker of artery-clearing devices and drugs to treat a range of conditions said net income rose to $1.48 billion, or 95 cents a share, compared with $1.09 billion, or 69 cents a share, a year earlier. Sales rose 3.5 percent, to $7.76 billion. Excluding one-time costs, Abbott earned 92 cents per share, 2 cents above Wall Street analysts' estimates.

Abbott said sales of its blockbuster rheumatoid arthritis drug Humira, which also treats other autoimmune disorders, were up nearly 24 percent worldwide, to $1.5 billion.

"That's really what investors are concerned about: What's the Humira growth rate?" First American Funds analyst Tim Nelson said. "I was looking for $1.3 billion, and they did $1.5 billion."

"Abbott is performing well, generating higher-than-expected earnings growth in the third quarter," Abbott Chairman and CEO Miles White said in a statement.

While underlying sales improved and helped boost profit, Abbott recorded a net gain of $178 million in the third quarter thanks to a settlement with rival heart-device manufacturer Medtronic Inc., which agreed in July to settle outstanding intellectual property litigation for certain vascular products.

In addition, Abbott raised its earnings outlook for the full year to $3.70 to $3.72 per share, above its previous estimate of $3.65 to $3.70.

Shares advanced $1.55, or 3.1 percent, to $51.20.

W.W. Grainger Inc.: The Lake Forest-based distributor of building-maintenance supplies reported sales that fell for the fourth straight quarter and said it sees no improvement in demand.

Revenue dropped 14 percent, to $1.59 billion. Helped by a one-time 37-cent-per-share gain, third-quarter net income climbed to $144.6 million, or $1.88 a share, from $140 million, or $1.77, a year earlier, the company said.

In addition, Grainger announced the all-cash purchase of Imperial Supplies LLC, a Green Bay, Wis.-based distributor of maintenance products and after-market components for the vehicle and fleet industry. No specific details of the acquisition of Imperial, which was owned by private-equity firm American Capital Ltd., were announced. Imperial had 2008 sales of $67 million.

Grainger shares fell $1.06, or 1.1 percent, to $93.25.

Tribune reporter Mary Ellen Podmolik and Tribune news services contributed to this report. bjapsen@tribune.com

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