Published in Finance

Stryker reports higher sales in third quarter

BY MiBiz Staff Friday, October 26, 2018 11:08am

KALAMAZOO — Stryker Corp.’s sales grew nearly 8 percent during the third quarter to $3.24 billion. The quarterly result compares to sales of $3 billion in the same period last year.

Net income for the Kalamazoo-based Stryker (NYSE: SYK) increased nearly 36 percent to $590 million, or $1.55 per diluted share. Stryker made $434 million, or $1.34 per diluted share, in the third quarter of 2017.

After recording “another impressive quarter” in the third quarter, “we’re basically expecting more of the same in the fourth quarter,” Chairman and CEO Kevin Lobo told brokerage analysts in a conference call.

“We had a very good fourth quarter last year, but we’re really firing on a lot of cylinders right now and feeling pretty healthy about our businesses,” Lobo said. “Overall, we’re in a very stable position right now across our business and feeling very good about our growth outlook.”

Stryker’s nine-month sales grew more than 9 percent to $9.8 billion with net income up 17 percent to $1.48 billion, or $3.90 per diluted share.

Stryker expects organic sales growth on the high end of the 7 percent to 7.5 percent range for all of 2018 with adjusted net income of $7.25 to $7.30 per diluted share, including $2.13 to $2.18 per diluted share in the fourth quarter.

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