DEERFIELD (dpa-AFX) - Baxter International Inc. (BAX), which develops treatments for blood disorders, Thursday reported third-quarter earnings which decreased, as higher R&D costs overshadowed sales growth.
For the three months to September, net earnings were $468 million or $0.86 per share, down from $544 million or $0.99 per share a year ago.
Excluding certain items, earnings totaled $741 million or $1.35 per share, compared with $681 million or $1.24 per share last year.
Analysts polled by Thomson-Reuters had a consensus earnings estimate of $1.31. Analysts' estimates typically exclude one-time items.
Net sales increased to $4.19 billion from $3.71 billion a year earlier. Analysts expected sales of $4.2 billion.
For the fourth quarter, Baxter expects adjusted earnings from continuing operations of $1.30 to $1.33 per share. The company expects fourth-quarter sales to be in line with last year.
For 2014, the company lowered its outlook for annual adjusted earnings from continuing operations to $4.86 and $4.89 per share, from the $5.10 and $5.20 per share previously projected.
Baxter expects annual sales to grow at around 10 to 11 percent.
Analysts estimate fourth-quarter earnings to be $1.41 on revenues of $4.39 billion, and annual earnings to be $5.16 on revenues of $16.82 billion.
Copyright RTT News/dpa-AFX