DEERFIELD, Ill. - Baxter International Inc. (NYSE:BAX), a leading global medical technology company, reported its first-quarter financial results for 2024, surpassing analyst expectations for adjusted earnings per share (EPS) while achieving forecasted revenue numbers. BAX shares were trading down 2% in Thursday's premarket session.
The company announced a first-quarter adjusted EPS of $0.65, which is $0.04 higher than the consensus estimate of $0.61. Revenue for the quarter was in line with expectations at $3.59 billion, matching the analyst consensus.
The company's solid performance in the first quarter was attributed to the benefits from ongoing strategic transformation initiatives and strong execution across its integrated supply chain network. Baxter's chairman, president, and CEO, José (Joe) E. Almeida, highlighted the company's focus on improving operational execution and creating opportunities through recent innovation milestones. "We are squarely focused on improving our operational execution and excited by the opportunities we are creating through recent innovation milestones," said Almeida.
Sales from continuing operations saw a 2% increase on a reported basis and a 3% rise on a constant currency basis, surpassing the company's previously issued guidance. The Pharmaceuticals segment led the sales performance with double-digit growth, driven by new product launches and increased demand for Baxter's Drug Compounding services. The Medical Products & Therapies and Kidney Care segments also experienced mid-single-digit growth at constant currency rates.
Looking ahead, Baxter now forecasts full-year 2024 sales growth of approximately 2% on a reported basis and 2% to 3% on a constant currency basis. The company also expects full-year adjusted EPS to be between $2.88 and $2.98. For the second quarter of 2024, Baxter anticipates sales growth of about 1% on a reported basis and 2% to 3% on a constant currency basis, with adjusted EPS projected to be between $0.65 and $0.67.
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