Baxter Delivers Beat, Issues Recall

Baxter International(BAX Quote) posted strong quarterly earnings Thursday and raised full-year guidance. However, the medical product and services company also issued a recall for one of its products.

The Deerfield, Ill., company's adjusted net income excluding items increased to $477 million, or 72 cents a share, in comparison with $309 million, or 47 cents a share, a year earlier. The number surpassed the Thomson Financial consensus target of 67 cents a share and the company's previous guidance of 66 cents to 68 cents a share.

The company said net earnings -- including an after-tax charge of $46 million, or 7 cents a share, primarily for costs and asset impairments associated with the consolidation of certain commercial and manufacturing operations outside the U.S. -- were 65 cents a share, a 38% year-over-year increase. ...