Baxter reports ‘strong’ second-quarter results

Baxter International has published its financial results for the second quarter of the 2007 fiscal year, with the firm reporting stronger-than-expected results and consequently increasing its earnings guidance for the full year.

The company generated worldwide sales of $2.8 billion (1.4 billion pounds) during the quarter, an increase of seven per cent on the same quarter last year.

Net income for the quarter increased by 39 per cent to $431 million, while net earnings per diluted share rose by 38 per cent to $0.65.

As a result of these robust figures, Baxter has increased its earnings outlook for the full year, now forecasting earnings per diluted share of $2.65 to $2.70, up from $2.60 to $2.65.

Robert L Parkinson, Jr, chairman and chief executive officer of Baxter, said: “We continue to meet or exceed our short-term financial objectives while investing to create long-term value for our shareholders.”

He added that the results seen for the first half of 2007 confirm the strength of the company’s broad healthcare model and boost its confidence in reaching its long-term goals.

In April 2007, Baxter reported the purchase of Green-e certified renewable certificates while stating that leading corporations have a key role in dealing with the global challenge of climate change.