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Baxter Q4'17 earnings up YOY

Baxter International Inc. said fourth-quarter 2017 earnings rose year over year and provided its outlook for 2018.

The Deerfield, Ill.-based healthcare company reported adjusted income of $354 million, or 64 cents per share, as compared to $312 million, or 57 cents per share, for the same quarter of 2016.

The S&P Capital IQ normalized EPS consensus estimate for the quarter was 59 cents.

Baxter generated $2.77 billion in sales, up 5% year over year.

On a GAAP basis, the company reported a loss of $71 million, or 11 cents per share, compared to a profit of $243 million, or 44 cents per share, in the comparable quarter of 2016.

GAAP results account for a $322 million, or 58 cents per share, charge related to the U.S. tax reform.

Full-year results

Baxter reported full-year 2017 adjusted income of $1.38 billion, or $2.48 per share, up from $1.08 billion, or $1.96 per share, for 2016.

The S&P Capital IQ normalized EPS consensus estimate for 2017 was $2.43.

The company said net sales were $10.56 billion, up 4% year over year.

On a GAAP basis, net income was down 86% year over year to $717 million, or $1.30 per share.

Baxter expects to post 60 cents to 62 cents in first-quarter 2018 adjusted earnings. On a GAAP basis, EPS is expected to be 45 cents to 49 cents.

For full year 2018, the company is targeting adjusted EPS of $2.72 to $2.80. On a GAAP basis, 2018 EPS is expected to be $2.25 to $2.38.