reported third-quarter earnings that met analysts' expectations, but revised its 2001 earnings forecast because of the impact of the weak euro.
The company, which produces hospital products, earned $231 million, or 77 cents a share, in the third quarter, in line with the 19-analyst estimate produced by
First Call/Thomson Financial
. In the year-ago period, the company earned $197 million, or 67 cents a share.
Sales rose 6% to $1.69 billion from $1.59 billion a year ago. Excluding the impact of the euro, Baxter's sales rose 10%. The company also revised its 2001 earnings growth forecast to the "low double digits from the mid-teens," citing the euro, and expects to generate a minimum of $500 million in cash flow in 2001. The company also expects sales growth in the "low double digits."