Baxter posts lower earnings on acquisition-related expenses
(Reuters) - Baxter International Inc (BAX.N) on Thursday said its quarterly net earnings fell slightly, as expected, on acquisition-related costs.
The maker of kidney dialysis equipment and blood therapy products affirmed its outlook for the full year, calling for earnings per share of $4.60 to $4.70, before items, with sales growing about 10 percent, excluding the impact of foreign exchange translations.
First-quarter net earnings were $552 million, or $1.00 per share, in the first quarter, compared with $588 million, or $1.04 per share, in the year-earlier period.
Results include after-tax special items totaling $29 million, or 5 cents per share, primarily for costs associated with the acquisition of Gambro AB, a developer of dialysis products and therapies. The latest quarter also included a net after-tax benefit from special items totaling $19 million of income, or 3 cents per share, for payments pertaining to business development transactions.
Excluding items, adjusted earnings per share were $1.05, which was a penny above what Wall Street analysts were expecting on average, according to Thomson Reuters I/B/E/S.
First-quarter sales rose to $3.45 billion from $3.39 billion a year ago.
(Reporting by Debra Sherman; Editing by Gerald E. McCormick and Maureen Bavdek)