Baxter International Meets Estimates, Affirms Targets

Domestic and international sales grow in the first quarter.

Author:: TSC Staff
Publish date:: Apr 18, 2002 9:58 AM EDT

Health care company

Baxter International

met analysts' first-quarter earnings estimates, as sales rose 11% thanks to strong growth of the company's recombinant and plasma-derived hemophilia products, as well as improvement in its vaccines, oncology and drug delivery businesses.

Baxter earned $253 million, or 41 cents a share, in the latest quarter, matching the consensus expectation. In the same period a year ago, the company earned $214 million, or 35 cents a share.

Sales rose to $1.95 billion from $1.76 billion. Domestic sales increased 12%, while international sales rose 10%. Overall sales and international sales would have seen higher growth if not for the effects of foreign currency exchange rates, Baxter said.

The company said it remains on track to post sales growth in the low teens, earnings per share growth in the mid-teens and operational cash flow of at least $500 million for 2002. According to First Call, analysts expect earnings of $2.02 a share and revenue of $8.65 billion for the year.

Shares of Baxter were recently gaining 64 cents, or 1.1%, to $57.14.