Baxter International Inc. (BAX) announced that its third-quarter net income attributable to the company grew 12% to $530 million from $472 million in the third quarter of 2008. Earnings per share for the quarter increased 18% to $0.87 from $0.74 in the prior-year period.
The third quarter results include after-tax special charges totaling $69 million or $0.11 per share primarily for fixed asset write-offs related to the discontinuation of the company's SOLOMIX drug delivery system in development, and planned retirement costs associated with the SYNDEO PCA Syringe Pump. The company recorded after-tax special charges in the third quarter of 2008 totaling $91 million or $0.14 per share.
On an adjusted basis, excluding special charges in both years, Baxter's net income increased 6% to $599 million from $563 million in the third quarter last year. Adjusted earnings per share were $0.98, up 11% from $0.88 per share in the prior-year period. Analysts polled by Thomson Reuters expected the company to report earnings of $0.97 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter were $3.15 billion, compared to $3.15 billion in the prior year quarter. Ten analysts had consensus revenue estimate of $3.19 billion for the quarter.
For the fourth quarter of 2009, Baxter expects sales growth, excluding the impact of foreign currency, of 6% to 8%. Based on the company's outlook for foreign exchange rates, the company expects reported sales including the impact of foreign currency to increase 8% to 10% over the prior-year period. Baxter expects earnings per share to be in the range $1.02 to $1.04, before any special items, in the fourth quarter.
Analysts expect the company to report earnings of $1.04 per share on revenues of $3.33 billion for the fourth quarter.
The company raised its full year 2009 earnings, before any special items, outlook to a range of $3.79 - $3.81 per share, from the prior range of $3.76 - $3.80 per share. Analysts expect the company to report earnings of $3.80 per share for the full year 2009.
For the full year 2009, Baxter expects sales growth, excluding the impact of foreign currency, to increase 7% to 8%. Based on the company's outlook for foreign exchange rates, Baxter now expects reported sales growth to increase approximately 0% to 1%. Analysts expect the company to report revenues of $12.48 billion for the full year.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.