DEERFIELD, Ill. (AP) _ Baxter International Inc. (BAX) on Thursday reported first-quarter profit of $347 million.
On a per-share basis, the Deerfield, Illinois-based company said it had net income of 66 cents. Earnings, adjusted for non-recurring costs, came to 76 cents per share.
The results beat Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 68 cents per share.
The drug and medical device maker posted revenue of $2.63 billion in the period, also exceeding Street forecasts. Five analysts surveyed by Zacks expected $2.62 billion.
For the current quarter ending in July, Baxter expects its per-share earnings to range from 80 cents to 82 cents.
The company expects full-year earnings in the range of $3.27 to $3.35 per share.
Baxter shares have increased 16 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed 17 percent.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BAX at https://www.zacks.com/ap/BAX