NEW YORK - Baxter International Inc. (NYSE:BAX) shares gained 3% in premarket trading Thursday after the medical products company reported better-than-expected second quarter results and raised its full-year outlook.
The Deerfield, Illinois-based company posted adjusted earnings of $0.68 per share, exceeding analyst estimates of $0.66. Revenue rose 3% year-over-year to $3.81 billion, topping expectations of $3.75 billion.
Baxter saw growth across all segments in the quarter, with Pharmaceuticals sales jumping 11% at constant currency rates. The company said new product launches and increased demand for drug compounding services drove the strong performance.
"Baxter's strategic transformation continues to gain momentum and drive performance benefiting our broad range of stakeholders," said CEO Joe Almeida.
Looking ahead, Baxter raised its full-year 2024 guidance. The company now expects adjusted earnings per share of $2.93 to $3.01, up from its prior outlook of $2.85 to $2.93 and above the $2.92 consensus. Baxter also lifted its sales growth forecast to approximately 3% on both a reported and constant currency basis.
For the third quarter, Baxter projects adjusted EPS of $0.77 to $0.79, surpassing analyst estimates of $0.74.
The stock has gained about 5% year-to-date through Wednesday's close.