Business

Baxter reports net income of 50 cents a share, misses estimates

Posted July 28, 2022 1:00 am

DEERFIELD - Baxter International Inc. on Thursday reported second-quarter net income of $252 million.

The Deerfield-based company said it had net income of 50 cents per share. Earnings, adjusted for nonrecurring costs, came to 87 cents per share.

The results did not meet Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 88 cents per share.

The drug and medical device maker posted revenue of $3.75 billion in the period, which also did not meet Street forecasts. Seven analysts surveyed by Zacks expected $3.89 billion.

For the current quarter ending in October, Baxter expects its per-share earnings to range from 79 cents to 83 cents. Analysts surveyed by Zacks had forecast adjusted earnings per share of $1.11.

The company expects full-year earnings in the range of $3.60 to $3.70 per share.

Baxter shares have dropped 22% since the beginning of the year, while the S & P's 500 index has declined 16%.

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