DEERFIELD, Ill. (AP) — DEERFIELD, Ill. (AP) — Baxter International Inc. (BAX) on Thursday reported a third-quarter loss of $46 million, after reporting a profit in the same period a year earlier.
The Deerfield, Illinois-based company said it had a loss of 9 cents per share. Earnings, adjusted for one-time gains and costs, were 69 cents per share.
The results topped Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 60 cents per share.
The drug and medical device maker posted revenue of $2.84 billion in the period, missing Street forecasts. Six analysts surveyed by Zacks expected $2.87 billion.
For the current quarter ending in December, Baxter expects its per-share earnings to range from 52 cents to 57 cents.
The company expects full-year earnings in the range of $2.35 to $2.40 per share.
Baxter shares have decreased 23% since the beginning of the year, while the S&P’s 500 index has increased 17%.
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