Stryker Q2 Profit Tops Estimates; Raises Full Year Guidance

(RTTNews) - Stryker Corp. (SYK) reported second quarter net income of $392 million or $1.03 per share compared to $128 million or $0.33 per share, last year. Adjusted net earnings was $458 million or $1.20 per share, for the quarter.

On average, 24 analysts polled by Thomson Reuters expected the company to report profit per share of $1.17 for the quarter. Analysts' estimates typically exclude special items.

Net sales were $2.43 billion compared to $2.36 billion, prior year. Sales increased 2.9% in the quarter, as reported, and 7.6% in constant currency as net sales were negatively impacted by 4.7% due to the impact of foreign currency exchange rates. Excluding the 0.7% impact of acquisitions, net sales in the quarter increased 6.9% in constant currency. Analysts expected revenue of $2.41 billion for the quarter.

Stryker expects 2015 constant currency sales growth in the range of 6.5% to 7.5%, including organic sales growth in the range of 5.5% to 6.5%. Based on current foreign currency exchange rates, Stryker expects adjusted net earnings per share to be in the range of $5.06-$5.12 for the full year. Analysts expect the company to report earnings per share of $5.03.

Stryker expects adjusted net earnings per share to be in the range of $1.20-$1.25 in the third quarter. Analysts expect the company to report earnings per share of $1.20.