Baxter International
Pump-maker Baxter International climbed on better-than-expected earnings that analysts called “encouraging” and “solid.”
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The stock rose 2.53 percent to reach $50.65 after the Deerfield, Ill.-based company’s upbeat report Thursday.
Baxter’s third-quarter earnings of $595 million, or $1.01 a share, beat Street estimates by four cents. Earnings also trounced last year’s same-period earnings of $530 million, or 88 cents per share.
The company’s $3.2 billion in sales also edged up over last year’s $3.1 billion, with medication delivery and IGIV sales surging ahead of estimates despite the spring recall of hundreds of thousands of the company’s Colleague infusion pumps.
“U.S. Infusion System sales of $127M were particularly strong, coming in $15M ahead of our estimate - potentially highlighting better BAX Colleague market share retention than expected,” Leerink Swann's Wise wrote to investors.
Baxter predicts fourth-quarter revenue growth of 1 to 2 percent and earnings per share of between $1.09 and $1.11.
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