Baxter's profit jumps 26%: Illinois Tool Works' results beat estimates

Via Acquire Media NewsEdge) Jul. 18--Baxter International Inc. shares moved to a 52-week high Thursday after the Deerfield medical-products giant reported a stronger-than expected 26 percent increase in second-quarter earnings. Paced by continued strength in its bioscience business, Baxter had net income in the quarter of $544 million, or 85 cents a diluted share, up from the year-ago quarter's net of $431 million, or 65 cents a share. The year-ago quarter was saddled with $46 million, or 7 cents a share, in after-tax restructuring charges, however. Excluding that, Baxter's adjusted earnings were up a more modest 14 percent, on sales that climbed 13 percent, to $3.19 billion from $2.83 billion. Baxter's per-share earnings topped by 3 cents the 82 cents that analysts had been anticipating. The results, said Morningstar analyst... [read full story]