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LONDON, UK / ACCESSWIRE / February 22, 2018 / Active-Investors.com has just released a free earnings report on Baxter International Inc. (NYSE: BAX). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=BAX. Baxter International Inc. (NYSE: BAX) reported its fourth quarter and fiscal 2017 operating and financial results on February 01, 2018. The drug and medical device maker outperformed top-and bottom-line expectations and provided guidance for the upcoming quarter and full year 2018. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Active-Investors.com is currently working on the research report for iRhythm Technologies, Inc. (NASDAQ: IRTC), which also belongs to the Healthcare sector as the Company Baxter Intl. Do not miss out and become a member today for free to access this upcoming report at:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Baxter International most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
www.active-investors.com/registration-sg/?symbol=BAX
Earnings Highlights and Summary
In the fourth quarter 2017, Baxter's worldwide sales totaled approximately $2.77 billion compared to $2.65 billion in Q4 2016, reflecting an increase of 5% on a reported basis, 3% on a constant currency basis, and 2% on an operational basis compared to the prior year's comparable period. Operational sales were adjusted for the impact of foreign exchange, generic competition for US cyclophosphamide, the Claris Injectables (Claris) acquisition, and select strategic product exits the company is undertaking. Baxter's revenues were negatively impacted by approximately $70 million as a result of temporary manufacturing disruptions in Puerto Rico due to the impact of Hurricane Maria during the reported quarter. The Company's reported numbers exceeded analysts' estimates of $2.76 billion.
For full year (FY) 2017, Baxter's worldwide sales totaled approximately $10.56 billion compared to $10.16 billion in FY16, reflecting an increase of 4% on both reported and constant currency basis, and 5% on an operational basis compared to the prior year's same period.
On GAAP basis, Baxter reported a net loss from continuing operations of $61 million, or $0.11 per diluted share, for Q4 2017. These results included special items totaling $415 million net after-tax, which included a net tax charge of $322 million related to the estimated impact of US tax reform. The Company reported net income of $240 million, or $0.44 per diluted share, in Q4 2016.
On an adjusted basis, Baxter's net income from continuing operations totaled $354 million, or $0.64 per diluted share, in Q4 2017 compared to $312 million, or $0.57 per diluted share, in Qr4 2016. The Company's results exceeded Wall Street's estimates of $0.59 per share.
For FY17, Baxter reported GAAP income from continuing operations of $724 million, or $1.30 per diluted share, compared to GAAP income from operations of $4.97 billion, or $9.01 per diluted share, in FY16.
On an adjusted basis, Baxter's income from continuing operations totaled approximately $1.38 billion, or $2.48 per diluted share, in FY17 versus $1.08 billion, or $1.96 per share, in FY16.
Baxter's Segment Results
During Q4 2017, Baxter's sales in the US were $1.13 billion, increasing 1% on a y-o-y basis. The Company's International sales totaled $1.65 billion in the reported quarter, representing an 8% growth on a reported basis and a 4% increase on a constant currency basis.
For Q4 2017, global sales for Hospital Products totaled $1.71 billion compared to $1.63 billion in Q4 2016, advancing 5% on a reported basis, 3% on a constant currency basis, and 1% operationally compared to the prior year's same period. Performance in the reported quarter benefited from continued strength in the Company's US fluid systems business as well as favorable demand for injectable pharmaceuticals. Hospital Products Q4 2017 sales were negatively impacted by approximately $70 million as a result of the Hurricane Maria related manufacturing disruptions.
For Q4 2017, Renal's sales were approximately $1.07 billion compared to $1.02 billion in Q4 2016, reflecting growth of 5% on a reported basis, 3% on a constant currency basis, and 4% operationally. Sales growth in Renal was driven by solid performance globally across both chronic and acute renal therapies.
Cash Matters
In FY17, Baxter generated $1.85 billion in operating cash flow, an increase of $229 million on a y-o-y basis driven by improved operational performance and the continuing impact of programs focused on improving the Company's working capital. In addition, Baxter reduced capital spending by $85 million to $634 million on a y-o-y basis. As a result, the Company generated an increase of $314 million in free cash flow to $1.22 billion in FY17.
Outlook
For full-year 2018, Baxter is forecasting sales growth of 6% to 7% on a reported basis and approximately 4% on both a constant currency and operational basis. The Company expects earnings from continuing operations, before special items, of $2.72 to $2.80 per diluted share.
For Q1 2018, Baxter is projecting sales growth of approximately 5% to 6% on a reported basis, or 1% to 2% on a constant currency basis. Operational sales are expected to be flat to up 1% compared to the prior year's period. The Company expects earnings from continuing operations, before special items, of $0.60 to $0.62 per diluted share for the upcoming quarter.
Stock Performance Snapshot
February 21, 2018 - At Wednesday's closing bell, Baxter's stock marginally advanced 0.01%, ending the trading session at $67.05.
Volume traded for the day: 2.49 million shares.
Stock performance in the last three-month – up 4.96%; previous six-month period – up 9.72%; past twelve-month period – up 34.21%; and year-to-date – up 3.73%
After yesterday's close, Baxter's market cap was at $36.59 billion.
Price to Earnings (P/E) ratio was at 51.42.
The stock has a dividend yield of 0.95%.
The stock is part of the Healthcare sector, categorized under the Medical Instruments & Supplies industry.
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