Baxter Expects Restatement to Cut Income From Continuing Operations

Baxter International Inc. will restate certain results for 2016 through the first half of 2019, reducing income from continuing operations, to correct accounting for foreign exchange gains and losses.
The maker of medical devices and drugs said in October that it would review certain intracompany transactions “undertaken for the purpose of generating foreign exchange gains or losses,” and said it might need to restate at least five years of results.
A Thursday securities filing detailed preliminary changes for 2016, 2017, 2018 and the first half of 2019. The largest change was for 2017; the company expects to revise income from continuing operations before income taxes to $1.1 billion from $1.22 billion.
Baxter “believes that its internal investigation, as it pertains to the evaluation of related financial statement impacts, is now substantially complete.”

https://www.marketscreener.com/BAXTER-INTERNATIONAL-INC-11763/news/Baxter-International-Expects-Restatement-to-Cut-Income-From-Continuing-Operations-29996384/