Stryker : beats 4Q profit forecasts
01/24/2017 | 04:18pm EST
KALAMAZOO, Mich. (AP) _ Stryker Corp. (SYK) on Tuesday reported fourth-quarter profit of $510 million.
The Kalamazoo, Michigan-based company said it had net income of $1.34 per share. Earnings, adjusted for amortization costs and non-recurring costs, came to $1.78 per share.
The results beat Wall Street expectations. The average estimate of 15 analysts surveyed by Zacks Investment Research was for earnings of $1.76 per share.
The medical device maker posted revenue of $3.16 billion in the period, matching Street forecasts.
For the year, the company reported profit of $1.65 billion, or $4.35 per share. Revenue was reported as $11.33 billion.
For the current quarter ending in April, Stryker expects its per-share earnings to range from $1.40 to $1.45. Analysts surveyed by Zacks had forecast adjusted earnings per share of $1.43.
The company expects full-year earnings in the range of $6.35 to $6.45 per share.
Stryker shares have risen slightly more than 1 percent since the beginning of the year, while the Standard & Poor's 500 index has risen nearly 2 percent. In the final minutes of trading on Tuesday, shares hit $121.50, a rise of 29 percent in the last 12 months.
This story was generated by Automated Insights (automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SYK at www.zacks.com/ap/SYK
Keywords: Stryker, Earnings Report
Automated Insights, source Associated Press News