Baxter posts mixed-bag Q2 results

 Baxter (NYSE: BAX) this week posted second-quarter results that beat the earnings consensus on Wall Street but missed revenue estimates.

The Deerfield, Ill.-based company reported profits of $301 million, or 59¢ per share, on sales of $3.098 billion for the three months ended June 30, for a bottom-line gain of 21.9% on sales growth of 13.98% compared with Q2 2020.

Adjusted to exclude one-time items, earnings per share were 80¢, 5¢ ahead of The Street, where analysts were looking for sales of $3.11 billion.

“As markets worldwide continue to cope with the effects from the COVID-19 pandemic, Baxter’s second-quarter performance reflects the diversity and durability of our lifesaving portfolio combined with the breadth of our geographic reach,” president and CEO José Almeida said in a news release.

“Our drive to innovate, the essential nature of our product lines and the momentum of our transformation are all critical factors in our effort to improve performance and extend our impact. I am looking forward to our upcoming investor conference in September, where we will showcase our strategies to help drive incremental value for patients, clinicians, investors and the many other stakeholders we serve.”

Baxter updated its full-year guidance and now expects GAAP earnings of $2.82 to $2.88 per diluted share and $3.49 to $3.55 adjusted earnings per share.

https://www.massdevice.com/baxter-posts-mixed-bag-q2-results/