Earnings Summary Baxter International Inc Reports Third Quarter 2024 Results

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2024-11-082mins

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Earnings Summary: Baxter International Inc. Reports Third Quarter 2024 Results

Baxter International Inc., a global medtech leader, announced its financial results for the third quarter of 2024, emphasizing the company's consistent performance amid operational challenges.

Key Financial Metrics

Financial Metric	Q3 2024	Cons. Estimate	Year-over-Year (YoY)
Total Revenue	$3.85 billion	$3.85 billion	+4%
GAAP Diluted EPS	$0.27	N/A	N/A
Adjusted Diluted EPS	$0.80	$0.78	N/A

Baxter's total revenue was in line with analysts' expectations at $3.85 billion, reflecting a steady annual growth of 4% driven by all segments. The company surpassed consensus estimates with an adjusted EPS of $0.80, indicating effective cost management and resilience despite recent disruptions.

Revenue Performance by Segment

Segment	Revenue Q3 2024	Previous Guidance	YoY Comparison
Medical Products & Therapies	High single digits increase	Met Guidance	Positive Growth
Healthcare Systems & Technologies	Low single digits increase	Met Guidance	Positive Growth
Pharmaceuticals	Low single digits increase	Met Guidance	Positive Growth

Baxter experienced robust demand across its Medical Products & Therapies segment, significantly boosting its sales. Moreover, both Healthcare Systems & Technologies and Pharmaceuticals registered modest growth, illustrating stable market conditions and successful new product launches.

Key Operational Developments

Restoration of the IV solutions manufacturing line at the North Cove facility after Hurricane Helene.
Ongoing sale of the Kidney Care segment to Carlyle for $3.80 billion.

Comments from Company Officers

CEO José Almeida praised Baxter's strategic initiatives and highlighted the company’s ongoing transformation, particularly the processes involved in the Kidney Care sale. He acknowledged the progress in hurricane recovery efforts, underscoring Baxter’s dedication and coordination with government agencies.

Forward Guidance

Due to the hurricane's impacts, Baxter adjusted its full-year and fourth-quarter guidance, anticipating a sales growth of 1-2% for 2024. Adjusted earnings per share for the full year are projected to be between $2.90 and $2.94.

Stock Price Movement

Post-earnings release, Baxter's stock showed a minimal decrease of 0.19%, suggesting investor confidence despite natural disasters and operational shifts.

In summary, Baxter International demonstrated resilience with steady financial performance in Q3 2024 through effective execution of its strategic initiatives and adeptly managing unforeseen disruptions.

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