Drug and medical device maker Baxter International Inc. on Thursday reported a profit in the first quarter on a mix of higher sales and lower costs, and the company boosted its full-year financial outlook.
The company earned $577 million, or 98 cents per share, compared with a loss of $60 million, or 11 cents per share, during the same period a year ago, when the company had a $588 million in charges. They were mostly related to recalling Colleague infusion pumps.
Revenue rose 12 percent to $3.28 billion from $2.93 billion.
Analysts surveyed by FactSet expected Baxter to report a profit of 93 cents per share on $3.17 billion in revenue.
Baxter said its bioscience revenue rose 3 percent to $1.413 billion on sales of plasma protein and biosurgery products. Revenue from its medical products business grew 20 percent to $1.87 billion, while transfusion therapies product sales fell 33 percent to $8 million.
Looking ahead, the company expects second-quarter profit of $1.01 to $1.03 per share, excluding charges, while analysts expect about $1.01 per share. Baxter also expects sales growth between 4 percent and 5 percent, excluding the effects of changes in foreign currency exchange rates, during the second quarter.
The company boosted its full-year outlook to between $4.20 and $4.28 per share from prior guidance of $4.15 to $4.25 per share. Analysts expect about $4.20 per share in profit.
The company also now expects revenue growth between 3 percent and 4 percent, excluding the effects of changes in foreign currency exchange rate, for the full year. It previously expected growth between 2 percent and 3 percent.
Baxter shares rose 76 cents to $55.28 in morning trading.