Published in Breaking News

Stryker boosts 2017 forecast after strong quarter

BY MiBiz Staff Thursday, July 27, 2017 08:13pm

KALAMAZOO — Stryker Corp. raised sales and earnings expectation for 2017 after recording a strong second quarter.

The Kalamazoo-based Stryker (NYSE: SYK) on Thursday afternoon said it generated quarterly sales of $3.01 billion, up 6 percent from the same period a year earlier. Mid-year sales grew 11.8 percent to $5.96 billion.

Stryker reported quarterly net income of $391 million, or $1.03 per diluted share, which compares to $380 million, or $1 per diluted share in the second quarter of 2016. Earnings through the first six months of the year totaled $835 million, or $2.20 per diluted share, versus $782 million, or $2.07 per diluted share, a year earlier.

The results led Stryker to raise its outlook for organic sales growth to 6.5 percent to 7.0 percent for 2017 with adjusted net income of $6.45 to $6.55 per share.

“Our growth momentum continued in the second quarter as we continue to drive share gains through new products and strong commercial execution,” said Chairman and CEO Kevin Lobo. “We are raising our full year guidance for both organic sales growth and EPS, which reflects our expectations for continued strong performance throughout the year.”

Stryker’s previous guidance was for organic sales growth of 5.5 percent to 6.5 percent with adjusted net income of $6.35 to $6.45 per share.

Read 1006 times Last modified on Thursday, 27 July 2017 21:20