Stryker: 3Q Earnings Snapshot
KALAMAZOO, Mich. (AP) _ Stryker Corp. (SYK) on Thursday reported third-quarter profit of $590 million.
The Kalamazoo, Michigan-based company said it had profit of $1.55 per share. Earnings, adjusted for one-time gains and costs, were $1.69 per share.
The results surpassed Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of $1.68 per share.
The medical device maker posted revenue of $3.24 billion in the period, falling short of Street forecasts. Eleven analysts surveyed by Zacks expected $3.26 billion.
For the current quarter ending in December, Stryker expects its per-share earnings to range from $2.13 to $2.18. Analysts surveyed by Zacks had forecast adjusted earnings per share of $2.13.
The company expects full-year earnings in the range of $7.25 to $7.30 per share.
Stryker shares have climbed 7 percent since the beginning of the year, while the Standard & Poor’s 500 index has risen 1 percent. In the final minutes of trading on Thursday, shares hit $165.85, an increase of 10 percent in the last 12 months.