— Baxter International Inc. (NYSE: BAX) reported third-quarter 2019 revenues of $2.85 billion, up 3% YoY, vs. $2.86 billion expected.
— Operating income on an adjusted basis totaled $555 million, or 19.5% of sales.
— The company has launched an internal probe into transactions undertaken for the purpose of generating foreign exchange gains or losses. The transactions used a convention that was not in accordance with GAAP, leading to some misstatements in the previously reported operating income. Baxter did not give an end date for the probe.
— For 4Q19, Baxter sees sales growth of 3-4% on a reported basis and approximately 5% on a constant currency basis. Operating margin is expected between 15.2% and 15.9% on a reported basis and between 18.5% and 19% on an adjusted basis.
— BAX shares fell 6.5 immediately following the earnings announcement.
Most Popular
Does Unity Software (U) stock has more room to run?
Last month, the IPO market was in a full swing. IPOs of Snowflake (NYSE: SNOW) and JFROG (NASDAQ: FROG) had an impressive opening day in September, the former creating a
PepsiCo (PEP): Steady snacking habits amid pandemic drive strong quarter for beverage giant
PepsiCo Inc. (NASDAQ: PEP) beat market expectations on both revenue and earnings for the third quarter of 2020. The company saw the momentum continue in its snacks business while the
Does the virus-driven boom make Electronic Arts (EA) a good investment?
With more and more people turning to virtual entertainment sources, amid the virus-related movement restrictions, video game publishers like Electronic Arts (NASDAQ: EA) are witnessing unusually high demand. Not surprisingly,
