UPDATE: Baxter 4Q Profit Up 9.5% On Revenue Growth; Earnings Views Weak
27 1월 2012 - 12:17AM
Dow Jones News
Baxter International Inc.'s (BAX) fourth-quarter earnings rose
9.5% as the medical-products company booked sales growth in both
its BioScience and medical products segments.
Baxter, unlike some other health-care companies, has seen
consistent sales and profit growth in recent quarters as its mix of
products -- which includes treatments for cancer, immune disorders
and trauma --has made it less susceptible to patients looking to
pare medical costs amid a slow economic recovery.
"Despite the global macro environment, Baxter continues to
report strong financial growth," Chief Executive Robert Parkinson
said Thursday on a post-earnings conference call.
Baxter shares, relatively flat over the past three months, rose
1.9% to $55.40 in early trading Thursday.
However, the company faces some economic challenges, as
reflected in its ligher-than-expected outlook. For the current
quarter, Baxter projects per-share earnings between 98 cents and $1
on revenue growth of 2%, excluding currency impacts. Analysts
surveyed by Thomson Reuters expected $1.05 a share and 3%
growth.
For the full year, Baxter sees earnings of $4.47 to $4.57 a
share on revenue growth of 4% to 5%. Analysts surveyed by Thomson
Reuters expected $4.61 a share and 3% growth.
"2012 guidance comes in below consensus," said Michael
Weinstein, analyst at J.P. Morgan Chase & Co. "Baxter faces a
number of earnings headwinds in 2012."
Those headwinds include currency impacts from emerging markets,
European austerity measures and the shutdown of a Los Angeles
facility that could affect inventories in plasma. Company officials
said on the conference call that they expect the shutdown, which it
will conduct to upgrade the facility, to take place in the second
half of this year.
Baxter also has been on a buying spree of late, purchasing the
pharmacy-technology developer Baxa Corp. in November for $380
million in cash and agreeing last month to acquire Synovis Life
Technologies Inc. (SYNO) in a roughly $325 million deal that is
expected to expand Baxter's presence in regenerative medicine and
biosurgery.
Baxter reported a profit of $463 million, or 82 cents a share,
up from $423 million, or 72 cents, a year earlier. Excluding
charges tied to its business optimization initiative and asset
impairments, per-share earnings rose to $1.17 from $1.11.
Revenue was $3.59 billion, up 2.7% from a year earlier.
Its October projection was for earnings of $1.15 to $1.18 a
share on 1% to 2% revenue growth.
Gross margin rose to 49.1% from 46.3%.
Sales in the BioScience unit, which includes plasma-based
medical products such as drugs for treating hemophilia and immune
disorders, rose about 3%. At the medical products segment, which
includes Baxter's medication delivery and renal businesses, sales
rose about 3%.
-By Anjali Athavaley, Dow Jones Newswires; 212-416-4912;
anjali.athavaley@dowjones.com
-Melodie Warner and Lauren Pollock contributed to this
report.
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