Stryker more than doubles Q2 profits, raises outlook

Stryker (NYSE:SYK) yesterday said it more than doubled its 2nd-quarter profits and raised its sales and earnings outlook for the rest of 2015.

Kalamazoo, Mich.-based Stryker posted profits of $392 million, or $1.03 per share, on sales of $2.43 billion for the 3 months ended June 30, for a 206.3% top-line gain on sales growth of 2.9%.

The profit and earnings growth was driven largely by lower recall-related costs compared with Q2 2014, the company said. Adjusted to exclude such 1-time items, earnings per share were $1.20, 3¢ ahead of expectations on Wall Street.

“We continue to execute well across our businesses and delivered organic sales growth of approximately 7% in the second quarter,” chairman & CEO Kevin Lobo said in prepared remarks. “Our strong 1st-half performance and positive momentum is reflected in our raised guidance and underscores the strength of our people and diversified portfolio.”

Stryker again boosted its outlook for the rest of the year, saying it now expects to report adjusted EPS of $5.06-$5.12, up from prior guidance of $4.95 to $5.10. Organic sales growth is pegged at 5.5% to 6.5%, up from 5% to 6%, the company said.

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