Baxter International Q1 Results Top Estimates; Boosts FY23 Adj. EPS Outlook

(RTTNews) - Health care company Baxter International Inc. (BAX) reported Thursday that net income attributable to Baxter for the first quarter declined to $44 million or $0.09 per share from $71 million or $0.14 per share in the prior-year quarter. Excluding items, adjusted earnings for the quarter were $0.59 per share, compared to $0.93 per share in the year-ago quarter.

On average, 13 analysts polled by Thomson Reuters expected the company to report earnings of $0.49 per share for the quarter. Analysts' estimates typically exclude special items.

Worldwide sales for the quarter decreased 2 percent to $3.65 billion from $3.71 billion in the same quarter last year. However, sales grew 2 percent on a constant currency basis. Analysts expected sales of $3.60 billion for the quarter.

Looking ahead to the second quarter, the company anticipates earnings in a range of $0.18 to $0.20 per share and adjusted earnings in a range of $0.59 to $0.61 per share on sales growth of about 1 to 2 percent on a reported basis and 2 to 3 percent on a constant currency basis.

The Street is looking for earnings of 0.60 per share on revenue growth of 0.7 percent to $3.77 billion for the quarter.

For fiscal 2023, the company now projects earnings in a range of $1.16 to $1.31 per share and adjusted earnings in a range of $2.85 to $3.00 per share on sales growth of 1 to 2 percent on a reported basis and about 1 on a constant currency basis.

Previously, the company expected earnings in a range of $1.43 to $1.63 per share and adjusted earnings in a range of $2.75 to $2.95 per share on sales growth of 1 to 2 percent on a reported basis and flat to 1 percent on a constant currency basis.

Analysts expect earnings of $2.86 per share on sales growth of 1.5 percent to $15.34 billion for the year. For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com