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Medical Device Maker Baxter International's Stock Soars on Strong Earnings
Key Takeaways
Baxter International ( BAX ) was one of the best-performing stocks in the S&P 500 Thursday as shares surged after the medical device maker's fourth-quarter results topped estimates.
The company's fourth-quarter revenue came in at $2.75 billion, up 1% year-over-year and above analysts' estimates compiled by Visible Alpha . Baxter's adjusted earnings per share from continuing operations came in at 58 cents, down from a year ago, but also beating projections.
The results came as the company said Hurricane Helene impacted its operations less than expected, adding all 10 production lines at a North Carolina facility temporarily shut down due to flooding from the hurricane have restarted and are producing at at pre-hurricane levels.
Earlier this month, Baxter announced the immediate retirement of CEO José Almeida, and said he would serve in an advisory capacity through the end of October. The company appointed one of its board directors, Brent Shafer, as interim CEO and said it would begin an internal and external search for a permanent replacement.
Baxter shares jumped over 8% to close at $33.44 Thursday, but have still lost about 20% of their value over the last 12 months.
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