Baxter beats by $0.05, beats on revs; guides Q4 EPS below consensus (64.35)
- Reports Q3 (Sep) earnings of $0.64 per share, excluding non-recurring items, $0.05 better than the Capital IQ Consensus of $0.59; revenues rose 5.8% year/year to $2.71 bln vs the $2.66 bln Capital IQ Consensus
- In follow up to the company's Oct. 12 press release, Baxter remains in limited production across all three manufacturing sites in Puerto Rico and is continuing to work with infrastructure providers to advance reliable restoration activities for power, communications and transportation
- The company remains focused on helping ensure patients have continued access to the products and therapies they need
- Co issues downside guidance for Q4, sees EPS of $0.56-0.59 vs. $0.60 Capital IQ Consensus Estimate. Co expects sales growth of 4 to 5 percent on a reported basis, ~2% on a constant currency basis and 1 to 2 percent operationally\
- Baxter currently projects fourth quarter revenues to be negatively impacted by ~$70 million due to the temporary manufacturing disruptions resulting from Hurricane Maria