Baxter 1Q profit rises 6 pct on higher prices, margins

Drug and medical device maker Baxter International said Thursday that better margins and pricing drove first-quarter earnings up 6 percent.

Deerfield-based Baxter International Inc. earned $429 million, or 67 cents per share, compared with $403 million, or 61 cents, a year ago. Excluding a charge related to infusion pumps, earnings were $474 million, or 74 cents per share, the company said.

Revenue rose 8 percent to $2.88 billion.

Baxter said cost cuts and benefits of the weaker dollar helped results.

Thomson Financial said analysts expected a profit of 72 cents per share on revenue of $2.84 billion. Profit projections typically exclude one-time items.

Baxter now expects full-year earnings of $3.18 to $3.24 per share, compared with prior estimates of $3.10 to $3.18 per share. The company sees second-quarter earnings of 81 cents to 83 cents per share.