The company now expects adjusted earnings of $1.17 to $1.20 a share and revenue of $5.16 billion to $5.18 billion for the year. Its previous forecast was $1.10 to $1.16 a share and $5.09 billion to $5.14 billion, respectively. FactSet-polled analysts had projected $1.13 a share in adjusted earnings and $5.14 billion in revenue. Elanco shares rose 1.7% to $24.09 in premarket trading.

Elanco reported third-quarter net income of $18 million, or 4 cents a share, compared with a loss of $34 million, or 7 cents a share, a year earlier. Excluding certain one-time items, earnings were 27 cents a share, ahead of analysts’ 20-cent estimate. Revenue reached $1.27 billion, topping the $1.21 billion analysts expected.

Chief Executive Jeff Simmons said price growth accelerated to 4%, above the company’s expectations, while volume grew 5%. He said the company’s sales growth was supported by potential market-share gains in large, growing global markets where Elanco has a small base.

For the current quarter, Elanco forecast adjusted earnings of 16 cents to 19 cents a share, compared with analysts’ estimate of 18 cents. It expects revenue of $1.19 billion to $1.22 billion; the bottom of that range is in line with Wall Street estimates.