DEERFIELD (dpa-AFX) - Baxter International Inc. (BAX) reported that its first-quarter income from continuing operations decreased to $420 million or $0.76 per share, compared to $507 million or $0.92 per share, prior year. Adjusted earnings per share from continuing operations was $1.00, for the quarter.
On average, 14 analysts polled by Thomson Reuters expected the company to report profit per share of $0.88 for the quarter. Analysts' estimates typically exclude special items.
Net sales decreased to $3.76 billion from $3.85 billion last year. Analysts expected revenue of $3.70 billion for the quarter.
Baxter also announced its outlook for the second quarter 2015. The company expects sales growth of approximately 1 percent, excluding the impact of foreign currency. Including the impact of foreign currency, the company expects sales to decline approximately 9 to 10 percent. Baxter expects earnings from continuing operations, before special items, of $0.92 to $0.96 per share. Reconciling for the inclusion of intangible asset amortization results in expected GAAP (Generally Accepted Accounting Principles) earnings of $0.84 to $0.88 per share, before other special items, for the quarter. Analysts expect the company to report second-quarter earnings per share of $1.01.
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