Baxter International Inc. reported a year-over-year increase in its fourth-quarter 2016 adjusted net income from continuing operations.

The company booked $312 million, or 57 cents per share in fourth-quarter 2016 adjusted net income, as opposed to $236 million, or 43 cents per share, in the year-ago quarter. The profit exceeded the company's previously issued guidance of 49 cents to 52 cents per share.

The S&P Capital IQ consensus normalized EPS estimate for the fourth quarter was 52 cents.

Baxter booked $240 million, or 44 cents per share, in fourth-quarter 2016 GAAP income from continuing operations. This would compare to $183 million, or 33 cents per share, in the same quarter of 2015.

The company's fourth-quarter 2016 sales amounted to $2.64 billion, up 2% year over year. Full-year 2016 sales were also up 2% year over year to $10.16 billion.

Full-year 2016 adjusted net earnings from continuing operations was $1.08 billion, or $1.96 per share, up from $755 million, or $1.38 per share, in 2015.

The S&P Capital IQ consensus normalized EPS estimate for the year was $1.91.

The company's full-year 2016 GAAP earnings from continuing operations reached $4.97 billion, or $9.01 per share, as opposed to $393 million, or 72 cents per share, in 2015.

Full-year 2016 GAAP results include a gain of $4.4 billion related to the company's sale of Baxalta shares.

The maker of dialysis machines and medical products will target 50 cents to 52 cents in adjusted EPS and 39 cents to 42 cents in GAAP EPS during the first quarter of 2017.

The S&P Capital IQ consensus normalized EPS estimate for the 2017 first quarter is 44 cents.

For fiscal 2017, the company expects to book $2.10 to $2.18 in adjusted EPS and between $1.52 and $1.67 in GAAP EPS.

The S&P Capital IQ consensus normalized EPS estimate for 2017 is $2.10.