:max_bytes(150000):strip_icc()/GettyImages-2192425155-1eb66f6fd4184db08574a9f44228cbaa.jpg?w=1920&resize=1920,1267&ssl=1 "Medical Device Maker Baxter International’s Stock Soars on Strong Earnings | Global News Avenue")
Medical Device Maker Baxter International’s Stock Soars on Strong Earnings
:max_bytes(150000):strip_icc():format(jpeg)/GettyImages-2192425155-1eb66f6fd4184db08574a9f44228cbaa.jpg)
Key Points
- Baxter International shares soared Thursday after the company’s highest fourth-quarter performance estimates.
- Medical device manufacturers say Hurricane Helen has had less than expected impact on its operations, and North Carolina facilities have resumed normal production.
- The company also announced the retirement of its CEO earlier this month.
International Baxter (BAX) is one of the best performing stocks in the S&P 500, as the stock surged after medical device manufacturers’ fourth-quarter results exceeded estimates.
The company’s fourth-quarter revenue was $2.75 billion, up 1% year-on-year The above analyst estimates are visible alpha. Baxter adjusted EPS from continued operations was 58 cents, a year ago, but also beat the forecast.
The result is due to the company saying Hurricane Helen affected its operations less than expected, adding all 10 production lines at a North Carolina plant, which was temporarily closed due to the flooding of the hurricane and is being held at the Heliz level. level restarts and is being produced.
Earlier this month, Baxter announced the immediate retirement of CEO José Almeida and said he would serve with consulting capabilities by the end of October. The company appointed Brent Shafer, one of its board directors, as interim CEO and said it would begin searching for permanent replacements internally and externally.
Baxter shares rose more than 8% to close at $33.44 on Thursday, but still lost 20% of its value in the past 12 months.
:max_bytes(150000):strip_icc()/GettyImages-2192425155-1eb66f6fd4184db08574a9f44228cbaa.jpg?w=1200&resize=1200,0&ssl=1&description=Medical+Device+Maker+Baxter+International%E2%80%99s+Stock+Soars+on+Strong+Earnings+%7C+Global+News+Avenue){kind=link}