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Baxter posts lower earnings on acquisition-related expenses
April 18, 2013 / 11:27 AM / 4 years ago

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

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