on Thursday reported first-quarter results that slightly exceeded Wall Street estimates. The company also reiterated full-year financial guidance in line with consensus predictions.
Baxter earned $224 million, or 36 cents a share, from continuing operations for the three months ended March 31. Revenue for the quarter was $2.38 billion. The consensus of analysts polled by Thomson First Call had predicted a profit of $214.8 million, or 34 cents, on revenue of $2.32 billion.
The company attributed its first-quarter gains to improved sales, better gross margins and reduced costs, thanks to a restructuring program.
For the full year, Baxter said it expects earnings per share to be in the range of $1.82 to $1.90. The Thomson First Call consensus is $1.86.
For the second quarter, Baxter offered an EPS estimate of 43 cents to 45 cents. The Wall Street consensus is 44 cents.
Baxter also predicted full-year and second-quarter revenue growth of 2% to 4%. Baxter added that its financial guidance excludes any potential impact of the federal law that allows companies to repatriate earnings from foreign subsidiaries for domestic use at significantly lower tax rates.
Baxter closed Wednesday at $34.03.