DEERFIELD, Ill. (AP) — DEERFIELD, Ill. (AP) — Baxter International Inc. (BAX) on Tuesday reported a loss of $314 million in its second quarter.
The Deerfield, Illinois-based company said it had a loss of 62 cents per share. Earnings, adjusted for asset impairment costs and amortization costs, came to 68 cents per share.
The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 66 cents per share.
The drug and medical device maker posted revenue of $3.81 billion in the period, also exceeding Street forecasts. Seven analysts surveyed by Zacks expected $3.74 billion.
For the current quarter ending in September, Baxter expects its per-share earnings to range from 77 cents to 79 cents.
The company expects full-year earnings in the range of $2.93 to $3.01 per share.
Baxter shares have dropped 10% since the beginning of the year, while the S&P’s 500 index has increased almost 9%.
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