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 sales forecasts.
The company reported a net loss of $46 million, or 9¢ per share, on sales of $2.84 billion for the quarter ended September. This represents a 132% decline in earnings from the same period last year, despite a 5% increase in sales.
Adjusted earnings per share were 69¢, exceeding 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 on the sales disappointment.
Author's summary: Baxter's Q3 sales disappoint, stock falls 16%.
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