Baxter announces 19 per cent rise in fourth-quarter net income

Baxter has announced a 19 per cent rise in its 2008 fourth-quarter net income from the amount reported at the same time in 2007.

Now at $569 million (413.8 million pounds), the amount is an increase from the $478 million declared in the previous year.

The company also said its earnings per diluted share had increased from $0.74 to $0.91 over the same period, while its worldwide sales reached $3.1 billion – a growth of four per cent.

Commenting on the results, Robert Parkinson Jr, chairman and chief executive officer of Baxter, said 2008 was “another very successful year”.

He continued: “We exceeded expectations on all key financial metrics throughout the year, which illustrates the solid fundamentals underpinning our portfolio and expanded geographic reach.”

Mr Parkinson Jr added the organisation was “very well-positioned” to continue meeting its targets, despite a “challenging, global macro-environment”.

The company’s net income in its full-year results was $2 billion, an increase of 18 per cent over the previous year.

In November, Baxter announced its quarterly dividend had increased 20 per cent to $0.26 per common share of the organisation.