Baxter reported profits of $1.2 billion, or $2.19 per share, on sales of $2.6 billion for the 3 months ended June 30. That amounts to a more than 200% bottom-line gain on sales growth of 4.4% compared with the same period last year.
Adjusted to exclude 1-time items, earnings per share were 46¢, above the 40¢ per share that analysts on Wall Street were looking for. The company topped the Street’s expectations for revenue by a slim margin, with analysts looking for $2.5 billion.
”Our 2nd quarter results reflect the steady progress we are making on our strategy to drive industry-leading performance through a disciplined focus on portfolio management and innovation, operational excellence and capital allocation,” CEO José Almeida said in prepared remarks.
The numbers also beat Baxter’s guidance for the quarter, expecting to see EPS of between 38¢ and 40¢.
The results led the company to lift its guidance for the year. Baxter said it expects to see earnings per share of between $1.69 and $1.74, up from its previous guidance of between $1.59 and $1.67.
For the 3rd quarter, the company said it expects to see earnings per share of between 43¢ and 45¢.
In May, Baxter said it hopes to grow earnings per share to $3 over the next 4 years, as it looks to improve its operating margins and grow the top line.
The Chicago-area healthcare giant said it expects to post adjusted EPS of 2.10 to $2.25 in 2018, on sales growth of 3% to 4% on a compounded annual basis at constant currency rates from 2016 through 2018. Adjusted EPS in 2020 are expected to reach $2.75 to $3.00 per share on sales growth of 4% on a constant-currency compounded annual basis from 2016 to 2020.
Adjusted operating margins in 2018 are forecast to be 14% to 15%, rising to 17% to 18% in 2020.
The post Baxter stays steady, lifts guidance after releasing Q2 earnings appeared first on MassDevice.
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