Baxter International Q1 Earnings on the Up and UpJune 03, 2016
Baxter International (NYSE:BAX) has reported better than expected Q1 earnings and has raised its 2016 guided range above the Zacks Consensus Estimate of $0.28 - $0.30 per diluted share. The company’s adjusted income for the first quarter totaled to $199 million, or $0.36 per diluted share.
Net sales also grew by a modest 4% on a constant currency (cc) basis to $2.38 billion, despite the 5% hit from foreign exchange rates, thus again beating out the forecasted amount of $2.35 billion. Breaking down the markets, total sales from the U.S. reportedly improved by 5% year-over-year to $992 million. International sales also increased to 4% at cc to $1.4 billion. However, factoring in forex rate volatility, international sales were said to have declined by 5% this year versus 2015.
Sales from hospital products grew to 4% while renal products improved by 5% at cc, earning Baxter International $1.5 billion and $898 million respectively. Greater sales of the SIGMA SPECTRUM infusion pump and IV solutions in the U.S. helped to drive hospital product sales. Meanwhile, renal product revenues were caused by a higher demand for peritoneal dialysis products and continuous renal replacement therapies.
Adjusted earnings for 2016 are now expected to be estimated at $1.59 to $1.67 per diluted share for the entire year. Baxter also expects cc sales to grow to approximately 4%. Expected earnings from continuing operations, before special items, are forecasted in the range of $.35 to $0.40 cents per share.
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