The Chicago-area healthcare giant reported profits of $343 million, or 66¢ per share, on sales of $2.84 billion for the three months ended June 30, amounting to flat sales and earnings growth compared with Q2 2018.
Adjusted to exclude one-time items, earnings per share were 89¢, 8¢ ahead of the consensus on Wall Street, where analysts were looking for sales of $2.79 billion.
“Our momentum in the second quarter reflects the ongoing impact of Baxter innovation coupled with our emphasis on operational excellence to deliver on our commitments and potential,” chairman & CEO Joe Almeida said in prepared remarks. “We are well positioned to capture new growth opportunities as they emerge to further accelerate performance and drive increased value for patients, healthcare providers and investors.”
Baxter raised its outlook for the rest of the year, saying it now expects to log adjusted EPS of $3.34 to $3.40, up from $3.27 and $3.35 previously, on sales growth of 1% to 2% compared with prior guidance of zero to 1%.
Third-quarter adjusted EPS are pegged at 82¢ to 84¢ on sales growth of 3% to 4%, the company said.
BAX shares were up 1.9% to $85.50 apiece today in pre-market activity.