Baxter International Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2012. For the quarter, the company reported net sales of $3,753 million compared to $3,594 million for the same period a year ago. Pre-tax income was $574 million compared to $539 million for the same period a year ago. Net income was $494 million or $0.89 per diluted share compared to net income of $463 million or $0.89 per diluted share for the same period a year ago. Adjusted pre-tax income (excluding special items) was $894 million compared to $834 million for the same period a year ago. Adjusted net income excluding special items was $700 million or $1.26 per diluted share compared to $662 million or $1.17 per diluted share for the same period a year ago. Cash flows from operations were $945 million compared to $892 million for the same period a year ago. Capital expenditures were $399 million compared to $317 million for the same period a year ago.

For the full year, the company reported net sales of $14,190 million compared to $13,893 million for the same period a year ago. Pre-tax income was $2,889 million compared to $2,777 million for the same period a year ago. Net income was $2,326 million or $4.18 per diluted share compared to net income of $2,224 million or $3.88 per diluted share for the same period a year ago. Adjusted pre-tax income (excluding special items) was $3,223 million compared to $3,151 million for the same period a year ago. Adjusted net income excluding special items was $2,516 million or $4.53 per diluted share compared to $2,471 million or $4.31 per diluted share for the same period a year ago. Cash flows from operations were $3,106 million compared to $2,817 million for the same period a year ago. Net debt as at December 31, 2012 was $2,660 million compared to $2,290 million for the same period a year ago. Capital expenditures were $1,161 million compared to $960 million for the same period a year ago.

The company also provided earnings guidance for the first quarter and full-year 2013. For the first quarter of 2013, the company expects sales growth of approximately 2% to 3%, excluding the impact of foreign currency. Baxter expects earnings of $1.03 to $1.05 per diluted share in the first quarter, before any special items.

The company's full-year guidance includes the impact of the Gambro AB acquisition, which is projected to close at the end of the second quarter and dilute full-year 2013 earnings by $0.10 to $0.15 per diluted share. Including Gambro, Baxter's guidance reflects sales growth for the full-year 2013 of approximately 10%, before the impact of foreign exchange. Also, for the full year, Baxter expects earnings of $4.60 to $4.70 per diluted share, before any special items, and cash flows from operations of approximately $3.3 billion.