Stock Analysis on Net
Stock Analysis on Net

Baxter International Inc. (NYSE:BAX)

$22.49

This company has been moved to the archive! The financial data has not been updated since August 4, 2016.

Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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Baxter International Inc., consolidated income statement (quarterly data)

US$ in millions

Microsoft Excel
3 months ended: Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013 Sep 30, 2013 Jun 30, 2013 Mar 31, 2013 Dec 31, 2012 Sep 30, 2012 Jun 30, 2012 Mar 31, 2012 Dec 31, 2011 Sep 30, 2011 Jun 30, 2011 Mar 31, 2011
Net sales
Cost of sales
Gross margin
Marketing and administrative expenses
Research and development expenses
Operating income
Net interest expense
Other income (expense), net
Income (loss) from continuing operations before income taxes
Income tax (expense) benefit
Income from continuing operations
Income (loss) from discontinued operations, net of tax
Net income
Net income attributable to noncontrolling interests
Net income attributable to Baxter

Based on: 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31), 10-K (reporting date: 2011-12-31), 10-Q (reporting date: 2011-09-30), 10-Q (reporting date: 2011-06-30), 10-Q (reporting date: 2011-03-31).

Net Sales
Net sales exhibited fluctuations across the quarters from 2011 to mid-2016. After a general upward trend peaking in December 2013 at 4,368 million USD, sales declined sharply starting in 2015, reaching 2,375 million USD in March 2016. This indicates volatility in revenue generation, with a notable reduction in sales volume or pricing effectiveness during the later periods.
Cost of Sales
The cost of sales correlated closely with net sales trends, showing increases through late 2013, peaking at 2,414 million USD in December 2013. Subsequent periods saw a reduction in cost, mirroring declining sales. The overall pattern suggests efforts to control costs, although margins compressed significantly after 2013.
Gross Margin
Gross margin followed sales trends, increasing until late 2013 with a peak margin around 2,224 million USD in December 2014. Afterward, it sharply dropped, halving by early 2016. This decline in gross margin signals pressure on the company’s direct profitability, possibly due to reduced sales volumes or increased cost pressures.
Marketing and Administrative Expenses
Marketing and administrative expenses generally increased from 2011 to 2014, peaking around 1,091 million USD in December 2014. However, a material decline occurred through 2015 and into mid-2016, with expenses dropping to approximately 641-709 million USD. This reduction may reflect cost-cutting initiatives in response to declining sales.
Research and Development Expenses
Research and development expenses fluctuated, increasing significantly in some quarters—most notably reaching 455 million USD in September 2014—but decreased sharply from 2015 onwards, falling to under 200 million USD by mid-2016. This suggests a shift in resource allocation away from R&D or project completion phases reducing ongoing expenses.
Operating Income
Operating income displayed strong volatility. It peaked multiple times, with notably high values in mid-2013 and late 2014. However, from early 2015, operating income plummeted dramatically, with some quarters barely reaching positive territory, indicating operational challenges and margin pressures during this timeframe.
Net Interest Expense
Net interest expense remained relatively stable throughout the periods, fluctuating modestly between 10 and 45 million USD. There is no significant trend suggesting increasing financial leverage or interest burden changes.
Other Income (Expense), Net
This line item experienced considerable volatility, including irregular and substantial gains such as 3,169 million USD in March 2016 likely due to extraordinary items or asset disposals. Other periods saw moderate gains or losses, indicating variability in non-operating income components.
Income from Continuing Operations Before Income Taxes
The income before income taxes mostly tracked operating income patterns, with peaks occurring through 2011-2014, followed by sharp decreases in 2015, until extraordinary positive spikes appeared in early 2016. This pattern reflects underlying operating performance with occasional non-operating influences.
Income Tax Expense
Income tax expenses generally paralleled pre-tax income, with smaller absolute values in later quarters due to reduced operating profitability. Some periods showed benefits or low tax expenses correlating with reduced incomes or reporting adjustments.
Income from Continuing Operations
Continuing operations income followed net income before taxes, reduced by tax expenses. After steady profits between 2011 and 2014, income declined sharply in 2015 but rebounded substantially due to extraordinary income in early 2016.
Income from Discontinued Operations
Discontinued operations were reported sporadically from late 2013, showing significant positive results in late 2014 and early 2015 quarters, which contributed to temporarily improved overall profitability during this period.
Net Income
Net income mirrored trends in operating performance with some noteworthy variability due to discontinued operations and other income. Gains were evident through 2014, followed by a pronounced drop by late 2015, although early 2016 registered unusually large net income figures, driven by non-recurring items.
Net Income Attributable to Noncontrolling Interests
Amounts attributable to noncontrolling interests were minimal and sporadic, with no clear trend or substantial impact on consolidated net income.
Summary
Overall, the data presents a company experiencing growth in sales and profitability from 2011 through 2014, followed by a period of steep declines in both revenues and earnings in 2015. The company implemented reductions in marketing, administrative, and research expenses, likely in response to these challenges. The large extraordinary income items in early 2016 suggest significant non-operating transactions that temporarily bolstered profitability. The trends indicate operational difficulties in the later periods, warranting further investigation into underlying causes such as market conditions, competitive pressures, or strategic shifts.