Baxter International Trims FY24 Outlook - Update

(RTTNews) - While reporting financial results for the third quarter on Friday, health care company Baxter International Inc. (BAX) trimmed its adjusted earnings and sales growth guidance for the full-year 2024 to reflect the estimated impact of the hurricane on its fourth-quarter results. The company also provided outlook for the fourth quarter, below analysts' estimates.

For the fourth quarter, the company anticipates adjusted earnings in a range of $0.77 to $0.81 per share on a sales decline in the low single digits on both a reported basis and constant currency basis.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $0.84 per share on revenue growth of 2.4 percent to $3.98 billion for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to fiscal 2024, the company now projects adjusted earnings in a range of $2.90 to $2.94 per share on sales growth of 1 to 2 percent on a reported basis and about 2 percent on a constant currency basis.

Previously, the company expected adjusted earnings in the range of $2.93 to $3.01 per share on sales growth of about 3 percent on a reported and constant currency basis.

The Street is looking for earnings of 2.95 per share on revenue growth of 2.8 percent to $15.23 billion for the quarter.

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