DEERFIELD (dpa-AFX) - U.S. drugmaker Baxter International Inc. (BAX) Thursday reported second-quarter net earnings that decreased despite higher revenues, as costs escalated during the period. Both earnings and revenues, however, beat analysts' estimates. In addition, the company confirmed its financial outlook for 2014.
For the three months to June, the company's earnings declined to $520 million or $0.95 per share, from $590 million or $1.07 per share in the same period last year.
Excluding certain items, earnings totaled $692 million or $1.26 per share, compared with $659 million or $1.20 per share a year earlier.
On average, 16 analysts polled by Thomson-Reuters estimated the company's earnings to be $1.22 for the quarter. Analysts' estimates typically exclude one-time items.
Quarterly net sales advanced 16 percent to $4.26 billion, from $3.67 billion in corresponding period last year. Analysts expected revenues of $4.12 billion.
Sales within the United States grew 12 percent to $1.7 billion, and international sales of $2.5 billion increased 19 percent, the company said in a statement,
While confirming its financial outlook for 2014, the company narrowed the guidance range for adjusted earnings per diluted share to $5.10 to $5.20. Analysts expect earnings of $5.15 for the year.
Baxter now expects sales growth for full-year 2014 of 10 to 11 percent, before the impact of foreign exchange. The company had previously projected sales growth of 9 to 10 percent.
Further, the company said it expects third quarter adjusted earnings of $1.28 to $1.32 per share on revenue growth (excluding currency impact) of 12 to 13 percent. Analysts estimate third-quarter earnings to be $1.32.
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