Shares of Baxter (NYSE:BAX) closed down a hair today despite Wall Street-beating earnings for the 1st quarter for the health products giant.
The Deerfield Park, Ill.-based company reported profits of $588 million, or $1.04 per share, on sales of $3.39 billion during the 3 months ended March 31.
Excluding 1-time items, adjusted EPS were $1.01, a penny above expectations on The Street but not enough to sustain investors’ early enthusiasm today. BAX shares closed down 0.4% at $54.18 today.
”Baxter has entered 2012 with strong momentum and confidence in our continued success,” chairman & CEO Robert Parkinson Jr. said in prepared remarks. ”Our sustained focus on innovation and growth opportunities enables us to respond effectively to an evolving macroeconomic environment, while strengthening our market leadership and expanding access to care, achieving the highest standards of quality and safety, and creating enhanced value for Baxter, our shareholders, and patients worldwide.”
Baxter said it’s chosen a site in Covington, Ga., for a new plasma facility, with commercial production scheduled to begin in 2018.
For the 2nd quarter, the company said it expects to post sales growth of 3% to 4%, excluding foreign currency impacts, with diluted EPS of between $1.10 and $1.12. For the full year, Baxter predicted sales growth of 4% to 5% ex-FX and diluted EPS of $4.49 to $4.57.
