Baxter's earnings up, despite hit from hurricane
Baxter International Inc. announced earnings for its third quarter that rose compared to the same period last year. But the company expects to take a $70 million hit due to Hurricane Maria.
The company said its bottom line advanced to $356 million, or $0.64 per share. This was higher than $311 million, or $0.56 per share, in last year's third quarter.
Analysts had expected the company to earn $0.59 per share, according figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
The company said revenue for the quarter rose 5.9 percent to $2.71 billion. This was up from $2.56 billion last year.
The U.S. hospital products maker is forecasting a nearly $70 million hit to its fourth-quarter revenue, due to manufacturing disruptions arising from Hurricane Maria.
Baxter said all three of its facilities in Puerto Rico - which was devastated by Hurricane Maria last month - were currently in limited production.
Deerfield-based Baxter makes items such as premixed injectables and products used in the delivery of medications from its Puerto Rican sites.
"We are advancing innovation and operational excellence across the organization to deliver positive results for our stakeholders - even as we respond to extraordinary challenges like the recent natural disasters across the Americas and the Caribbean. I'm proud of how our employees continuously step up to make a difference for our patients, health care providers, global communities and fellow colleagues," said Chairman and CEO José (Joe) E. Almeida. "Baxter's solid performance in the third quarter reflects our continued focus on disciplined execution."