KALAMAZOO — Stryker Corp. bumped up expectations for the full year after reporting higher sales and earnings for the first quarter.
The Kalamazoo-based Stryker (NYSE: SYK) now expects sales growth of 5.5 percent to 6.5 percent for 2016, minus revenues from acquisitions. That’s up from the previous guidance for 5 percent to 6 percent sales growth this year.
Full-year earnings should reach $5.65 to $5.80 per diluted share for Stryker, which earlier projected net income of $5.57 to $5.70 per diluted share.
The higher guidance came as Stryker this afternoon reported sales of $2.49 billion for the first quarter, up 4.9 percent from the same period a year earlier. Quarterly net income totaled $402 million, or $1.07 per diluted share, versus $224 million, or 58 cents per diluted share, in the first quarter of 2015.
“We are pleased by our first quarter performance and expect the momentum to continue,” Chairman and CEO Kevin Lobo said in the company’s earnings release.