On Wednesday, Abbott Laboratories (NYSE: ABT) announced its financial results for the third quarter of 2017, with both earnings and revenue beating estimates. Shares of the company increased 1.6% in morning trade on Wednesday.

According to the company, net sales for the third quarter increased 28.8% to $6.8 billion from $5.3 billion, beating analysts’ estimates of $6.73 billion. Comparable operational sales rose 5.6% for the quarter ended September.

Compared with a loss of $329 million, or $0.24 per share, for the same period last year, the company reported earnings of $603 million, or $0.32 per share, for the third quarter. Adjusted earnings per share was $0.66, which surpassed estimates of $0.65 per share.

“We're very pleased with our performance and the steady cadence of innovative new product launches that are contributing to growth,” Miles D. White, the chairman and chief executive officer of Abbott, said in the statement on Wednesday. “We're well-positioned to achieve the upper end of our initial full-year EPS guidance range.”

In the report, the company also adjusted its guidance for full-year 2017. Full-year diluted EPS from continuing operations a GAAP basis is expected to be in the range of $0.97 to $0.99 per share, and full-year adjusted diluted EPS from continuing operations is expected to be between $2.48 and $2.50 per share.

Abbott Laboratories Announced Better-than-Expected Q3 Results

On Wednesday, Abbott Laboratories(NYSE:ABT) announced its financial results for the third quarter of 2017, with both earnings and revenue beating estimates. Shares of the company increased 1.6% in morning trade on Wednesday.

According to the company, net sales for the third quarter increased 28.8% to $6.8 billion from $5.3 billion, beating analysts’ estimates of $6.73 billion. Comparable operational sales rose 5.6% for the quarter ended September.

Compared with a loss of $329 million, or $0.24 per share, for the same period last year, the company reported earnings of $603 million, or $0.32 per share, for the third quarter. Adjusted earnings per share was $0.66, which surpassed estimates of $0.65 per share.

“We're very pleased with our performance and the steady cadence of innovative new product launches that are contributing to growth,” Miles D. White, the chairman and chief executive officer of Abbott, said in the statement on Wednesday. “We're well-positioned to achieve the upper end of our initial full-year EPS guidance range.”

In the report, the company also adjusted its guidance for full-year 2017. Full-year diluted EPS from continuing operations a GAAP basis is expected to be in the range of $0.97 to $0.99 per share, and full-year adjusted diluted EPS from continuing operations is expected to be between $2.48 and $2.50 per share.