Baxter International said its net income rose 9% to $144 million, or 52 cents per share, in the second quarter ended June 30, compared with $132 million, or 48 cents per share, in the year-ago period.
Worldwide sales rose 5% to $2.3 billion, the Deerfield, Ill.-based hospital supplier said. U.S. sales increased 4% to $1.7 billion.
For the six months, net income grew 6% to $275 million, or 99 cents per share, compared with $259 million, or 93 cents per share, in the year-ago period. Sales increased 6% to $4.5 billion.
Reductions in marketing and administrative expenses helped Baxter's bottom line, the company said. Many cuts stem from a restructuring Baxter announced in November (Nov. 22, 1993, p. 3).
Baxter said it's on track to meet two key goals: divesting its $675 million diagnostics manufacturing business and increasing cash flow to $450 million in 1994 from $290 million in 1993. It said in the first six months of 1994 operational cash flow was $292 million, up from $124 million in the year-ago period.