Baxter (NYSE:BAX) today posted third-quarter results that beat the overall consensus on Wall Street.
The Deerfield, Illinois-based company reported profits of $452 million, or 89¢ per share, on sales of $3.23 billion for the three months ended September 30, for a bottom-line gain of 25.9% on sales growth of 8.55% compared with Q3 2020.
Adjusted to exclude one-time items, earnings per share were $1.02, 8¢ ahead of The Street, where analysts were looking for sales of $3.23 billion.
“Baxter’s essential products, diverse portfolio and global scale continue to fuel our operations in 2021,” president and CEO José Almeida said in a news release. “This month marks Baxter’s 90th anniversary. Our employees have been at the heart of our success for nine decades and remain as determined as ever to advance our mission to save and sustain lives. Our proposed acquisition of Hillrom, announced in September, represents an exciting new platform to further accelerate our impact, offering a broad array of new opportunities to advance innovation both across the continuum of care and around the world and meet the challenges of a rapidly evolving global healthcare landscape, while also creating significant value for all the stakeholders we serve.”
Baxter announced plans to acquire Hillrom for $12.4 billion on September 2. The merging of the two companies is expected to expand Baxter’s business into digital and connected care.
The company expects full-year 2021 GAAP earnings to be in the range of $2.82 to $2.86 per diluted share and adjusted earnings to be in the range of $3.58 to $3.62.
Shares in BAX were up 0.74% to $82.54 apiece at market open.