Shares in Baxter (NYSE:BAX) fell today despite the medical device maker beating expectations on Wall Street with its first quarter 2019 earnings results.
The Deerfield, Ill.-based company posted profits of $347 million, or 66¢ per share, on sales of approximately $2.63 billion for the three months ended March 31, seeing the bottom line shrink 10.8% while sales shrunk 1.7% compared with the same period during the previous year.
Adjusted to exclude one-time items, earnings per share were 76¢, well ahead of the 68¢ consensus on Wall Street where analysts expected to see sales of $2.61 billion, which the company topped.
“We are pleased with the solid start to 2019, establishing a foundation for accelerating performance over the course of the year. Our first quarter results reflect the value of our diversified portfolio, an increased emphasis on high-value innovation and an ongoing focus on operational excellence. We remain committed to executing on our strategy to deliver enhanced performance in 2019 and beyond,” chair & CEO José Almeida said in a press release.
Baxter raised its earnings outlook for 2019, expecting to post adjusted EPS of between $3.27 and $3.35 for the full year. For the coming second quarter, Baxter said it expects to post adjusted EPS of between 80¢ and 82¢ per diluted share.
Shares in Baxter are down 1.5% so far today, at $75.14 as of 9:50 a.m. EDT.
In February, Baxter said that it was cleared from a U.S. Dept. of Justice antitrust probe, launched in 2017, investigating companies that market intravenous saline solutions.