Stryker shares strong on street-beating Q3

Shares in Stryker (NYSE:SYK) stayed steady today after the medical device maker met expectations on Wall Street with its 3rd quarter results.

The Kalamazoo, Mich.-based company posted profits of $355 million, or 94¢ per share, on sales of $2.83 billion for the 3 months ended September 30, with bottom-line growth of 17.9% as sales grew 17.1% compared with the same period in the prior year.

After adjusting to exclude 1-time items, earnings per share were $1.39, a minimal 2¢ ahead of where The Street had expected. Revenue beat The Street’s expectations, which was looking for $2.81 billion.

Shares stayed steady today, down a meager 0.15% to close at $109.72.

“Our 3rd quarter results again demonstrate our ability to consistently deliver strong organic sales growth at the high end of med tech. Our acquisitions are performing well and contributed to solid overall earnings performance,” CEO Kevin Lobo said in prepared remarks.

Stryker said it expects to post adjusted EPS of $5.75 to $5.80 for the full year, up from a prior target of $5.70 to $5.80. For the 4th quarter, Stryker expects to see adjusted EPS between $1.73 and $1.78.

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