Baxter Stock Slides After Q3 Sales Fall Short
Baxter (NYSE: BAX) shares fell more than 16% to $18.82 apiece in early-morning trading after the company reported third-quarter results that failed to meet consensus sales forecasts.
The company reported net losses of $46 million, or 9¢ per share, on sales of $2.84 billion for the three months ended September. This represents a 132% bottom-line slide into the red from the same period a year ago, despite a 5% sales increase.
Adjusted earnings per share came in at 69¢, exceeding Wall Street expectations by 9¢. However, sales fell short of estimates, with experts forecasting $2.88 billion in revenue.
The company's Medical Products & Therapies segment reported $1.33 billion in sales, marking a 1% decline.
No comment from the company is available.
Author's summary: Baxter's stock price dropped due to lower-than-expected Q3 sales.