Abbott (NYSE:ABT) adjusted its yearly profit projections after surpassing third-quarter earnings expectations, largely driven by heightened demand for its medical devices and diagnostics products. As a result, the company’s shares rose more than 2% pre-market today.

Abbott's Q3 earnings per share (EPS) stood at $1.14, which is $0.04 more than the predicted $1.10. The quarterly revenue reached $10.1 billion, compared to the Street estimate of $9.82 billion.

Robert Ford, Abbott's chairman and CEO, highlighted that their strategic investments during the pandemic are now fueling consistent growth throughout their primary business segments. The company remains on course to achieve its financial targets set earlier in the year, and the ongoing momentum across various portfolios sets a promising outlook for 2024.

For the full-year, Abbott anticipates an EPS ranging between $4.42 and $4.46, which is higher than the Street consensus of $4.18.