DEERFIELD (dpa-AFX) - Baxter International Inc. (BAX) reported that its first-quarter net income increased to $556 million or $1.01 per share, from $552 million or $1.00 per share, previous year. First-quarter 2014 results included after-tax special items totaling $96 million (or $0.18 per share), for intangible asset amortization and costs associated with the integration of its Gambro AB acquisition, business development and business optimization initiatives.
Adjusted net income was $652 million or $1.19 per share for the quarter. Financial results included an after-tax gain of $35 million (or $0.06 per share) associated with the sale of certain equity investments.
On average, 16 analysts polled by Thomson Reuters expected the company to report profit per share of $1.09 for the quarter. Analysts' estimates typically exclude special items.
Net sales increased to $3.95 billion from $3.45 billion. Analysts expected revenue of $3.88 billion for the quarter. Excluding the contribution of Gambro revenues, which totaled $400 million, Baxter's worldwide sales increased 3 percent to $3.55 billion.
Baxter also announced its guidance for the second quarter and confirmed its guidance for the full year.
For the second quarter of 2014, the company expects sales growth of approximately 12 to 13 percent, excluding the impact of foreign currency. Baxter expects earnings, before special items, of $1.18 to $1.22 per share in the second quarter. Analysts expect second-quarter profit per share of $1.28.
Baxter expects sales growth for full-year 2014 of 9 to 10 percent, before the impact of foreign exchange. Baxter expects earnings, before special items, of $5.05 to $5.25 per share. Analysts expect the company to report full year 2014 earnings per share of $5.13.
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