DEERFIELD, Ill. (AP) _ Baxter International Inc. (BAX) on Thursday reported fourth-quarter net income of $348 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Deerfield, Illinois-based company said it had profit of 65 cents. Earnings, adjusted for non-recurring costs and to account for discontinued operations, came to 78 cents per share.
The results surpassed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 73 cents per share.
The drug and medical device maker posted revenue of $2.84 billion in the period, which also beat Street forecasts. Six analysts surveyed by Zacks expected $2.8 billion.
For the year, the company reported profit of $1.62 billion, or $2.97 per share. Revenue was reported as $11.13 billion.
For the current quarter ending in April, Baxter expects its per-share earnings to range from 66 cents to 68 cents.
The company expects full-year earnings in the range of $3.22 to $3.30 per share.
Baxter shares have climbed 9 percent since the beginning of the year, while the Standard & Poor's 500 index has increased roughly 7 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