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