Baxter Stock Slides After Q3 Sales Disappoint
Baxter (NYSE: BAX) shares fell over 16% to $18.82 in early morning trading due to third-quarter results that failed to meet consensus sales forecasts.
The company reported a net loss of $46 million, or 9¢ per share, on sales of $2.84 billion for the three months ended September. This represents a 132% decline in net income from the same period last year, despite a 5% increase in sales.
Adjusted earnings per share were 69¢, beating Wall Street expectations by 9¢. However, sales fell short of estimates, with experts forecasting $2.88 billion in revenue.
The Medical Products & Therapies segment reported $1.33 billion in sales, marking a 1% decline.
No comment from the company was provided regarding the sales disappointment.
Author's summary: Baxter's Q3 sales disappoint, causing stock to slide.