Health care products maker Baxter International Inc. (BAX) reported early on Thursday that its first quarter profit fell on slightly higher revenues. But adjusted net earnings topped views, while revenue missed.
The Deerfield, Illinois-based company said its first quarter net income fell to $552 million, or $1.00 per share, from $588 million, or $1.04 per share, a year ago.
Adjusting for certain items, which includes a 5 cents per share cost related to the company’s planned acquisition of medical technology company Gambro AB, net income came in at $581 million, or $1.05 per share. Analysts, according to Thomson Reuters, were expecting Baxter to post an adjusted EPS of $1.04.
Total sales rose 2% to $3.45 billion in the quarter, up from $3.39 billion last year. This was slightly below the analysts’ view of $3.48 billion in sales.
Looking forward to the second quarter, the company expects sales growth to be about 4% with earnings per share to be between $1.12 and $1.14. Analysts are forecasting Baxter earnings to be $1.14 per share in the second quarter.
For fiscal 2013, the company maintains its 10% sales growth expectation with earnings between $4.60 and $4.70 per share. Analysts expect earnings for 2013 to be $4.66 per share.
Baxter shares were inactive during pre-market trading on Thursday. The stock is up +5.36% year-to-date.
The Bottom Line
Shares of Baxter International (BAX) have a dividend yield of 2.56% based on last night’s closing price of $70.23 and the company’s annualized dividend payout of $1.80 per share.
Baxter International Inc. (BAX) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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