Baxter beats by $0.12, beats on revs; guides Q4 EPS in-line
- Reports Q3 (Sep) adj. earnings of $0.41 per share, $0.12 better than the Capital IQ Consensus of $0.29; revenues fell 8.2% year/year to $2.49 bln vs the $2.46 bln Capital IQ Consensus, driven by a negative impact from foreign exchange. Excluding the impact of foreign exchange, Baxter's worldwide sales grew 2 percent in the quarter and exceeded the company's guidance of comparable year-over-year sales. Sales within the United States declined 1 percent to $1.0 billion, while international sales of $1.5 billion declined 12 percent, primarily as a result of the effects of foreign exchange.
- Co issues in-line guidance for Q4, sees adj. EPS of $0.30-0.32 vs. $0.30 Capital IQ Consensus Estimate. For the fourth quarter, the company expects sales to decline 1 percent, excluding the impact of foreign exchange. On a reported basis, including the impact of foreign exchange, the company expects sales to decline approximately 9 percent. After adjusting for the impact of both foreign exchange and increased competition in the U.S. for cyclophosphamide, Baxter expects sales growth of 1 to 2 percent in the fourth quarter of 2015.