This excerpt taken from the BAX 8-K filed Apr 21, 2005.
EARNINGS, WITH EPS OF $0.36 AND SALES GROWTH OF 8 PERCENT
DEERFIELD, Ill., April 21, 2005 - Baxter International Inc. (NYSE:BAX) today reported its results for the first quarter of 2005.
Earnings per diluted share from continuing operations increased 20 percent to $0.36, compared to $0.30 reported last year. Baxters income from continuing operations totaled $224 million for the quarter, compared to $187 million reported in the same period last year. Contributing to the growth in earnings were strong sales, improved gross margins and cost savings related to the companys restructuring program.
Worldwide sales in the first quarter totaled $2.38 billion, an increase of 8 percent over the same period last year (including a 3 percentage point benefit from foreign exchange). Domestic sales increased 2 percent to $1.04 billion, while international sales grew 13 percent (including a 6 percentage point benefit from foreign exchange) to $1.34 billion. In addition to the positive impact of foreign exchange, strong performance in the companys BioScience business was the primary contributor to sales growth in the quarter. In particular, sales in Baxters recombinant business grew 18 percent to $344 million, which includes $117 million relating to