Baxter reports solid first quarter

DEERFIELD -- Baxter International Inc. has reported solid financial results for the first quarter of 2008, and raised its financial outlook for the full year.

For the first quarter, Baxter reported net income of $429 million, a 6 percent increase compared to $403 million in the first quarter of 2007.

Earnings per diluted share of $0.67 increased 10 percent from $0.61 per diluted share reported last year. These results include an after-tax charge of $45 million, or $0.07 per diluted share, for additional costs associated with the company's COLLEAGUE infusion pump remediation program due to an expected delay in recommercialization in the United States.

On an adjusted basis, Baxter's net income of $474 million increased 18 percent.

Baxter's worldwide sales totaled $2.9 billion in the first quarter, an increase of 8 percent.