DEERFIELD, Ill. (AP) — DEERFIELD, Ill. (AP) — Baxter International Inc. (BAX) on Friday reported third-quarter profit of $140 million.
On a per-share basis, the Deerfield, Illinois-based company said it had net income of 27 cents. Earnings, adjusted for one-time gains and costs, were 80 cents per share.
The results exceeded Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 78 cents per share.
The drug and medical device maker posted revenue from continuing operations of $2.7 billion in the period, which reflects the planned sale of its Kidney Care business. Including Kidney Care, revenue totaled $3.85 billion, compared to the estimate of seven analysts surveyed by Zacks of $3.84 billion.
For the current quarter ending in December, Baxter expects its per-share earnings to range from 77 cents to 81 cents.
The company expects full-year earnings in the range of $2.90 to $2.94 per share.
Baxter shares have fallen nearly 7% since the beginning of the year, while the S&P’s 500 index has increased 25%.
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