Baxter outperforms expectations during Q1 2011

Baxter has published its financial results for the first quarter of the new fiscal year, during which it was able to exceed its internal performance forecast.

The company's net income for the period came to $570 million (345.39 million pounds), while its earnings per diluted share figure was $0.98, above its previous guidance of $0.92 to $0.94 per share.

Global sales rose by 12 percent to $3.3 billion, with its medical products division exhibiting particular growth thanks to double-digit expansions in its intravenous therapies and global injectables categories.

As a result of this performance, Baxter has chosen to increase its full-year sales growth rate projection to between three and four percent, excluding foreign currency impact.

Robert Parkinson Jr, chairman and chief executive officer of Baxter, said: "We continue to implement measures to improve our commercial, operational and scientific effectiveness in response to an evolving and challenging environment."

Last month, the company reported on the success of its charitable initiatives in 2010, during which it provided nearly $80 million to good causes.