— Baxter International Inc. (NYSE: BAX) reported third-quarter 2019 revenues of $2.85 billion, up 3% YoY, vs. $2.86 billion expected.
— Operating income on an adjusted basis totaled $555 million, or 19.5% of sales.
— The company has launched an internal probe into transactions undertaken for the purpose of generating foreign exchange gains or losses. The transactions used a convention that was not in accordance with GAAP, leading to some misstatements in the previously reported operating income. Baxter did not give an end date for the probe.
— For 4Q19, Baxter sees sales growth of 3-4% on a reported basis and approximately 5% on a constant currency basis. Operating margin is expected between 15.2% and 15.9% on a reported basis and between 18.5% and 19% on an adjusted basis.
— BAX shares fell 6.5 immediately following the earnings announcement.
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