![Baxter International Inc [BAX] reports quarterly net loss of $39 million](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FBAX.png&w=1200&q=75)
BAXTER INTERNATIONAL INC [BAX] has reported a net loss of $39 million for quarter ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the quarter was $3.6 billion
Based in Deerfield, Illinois, BAXTER INTERNATIONAL INC operates in the MANUFACTURING sector.
In the third quarter ended on March 31, 2024, Baxter International Inc. reported net sales of $3.592 billion compared to $3.513 billion in the same period last year. This represents a year-over-year increase in revenue.
The cost of sales for the current reporting period was $2.205 billion, slightly lower than the $2.238 billion recorded in the previous year. As a result, the gross margin for the company improved to $1.387 billion from $1.275 billion.
Selling, general, and administrative expenses in the current quarter amounted to $1.027 billion, up from $995 million in the same period last year. Research and development expenses also increased to $176 million compared to $164 million in the previous year.
Operating income for the quarter reached $187 million, reflecting a significant improvement from the $129 million reported in the prior year. Interest expense decreased to $78 million from $117 million, while other income stood at $7 million compared to $2 million in the previous year.
Income from continuing operations before income taxes drastically rose to $116 million from $14 million in the same period last year. Income tax expenses also increased to $77 million from $14 million.
Baxter International Inc. reported a net income of $39 million in the current quarter, slightly lower than the $45 million recorded in the previous period. The diluted earnings per share for the current quarter were $0.07, the same as in the previous quarter, while basic earnings per share stood at $0.07, compared to a loss of $0.00 in the prior year.
Income from discontinued operations had no significant impact on the company's financial performance. The net income attributable to Baxter stockholders was $37 million in the current quarter, down from $44 million in the previous year.
These results indicate a mixed financial performance for Baxter International Inc. in the latest quarter, with revenue increasing but net income slightly decreasing compared to the same period last year.
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