Stryker (NYSE:SYK) yesterday topped Wall Street’s earning forecast with its 1st-quarter results, buoyed by a strong comparison with Q1 2014.
Kalamazoo, Mich.-based Stryker reported profits of $224 million, or 58¢ per share, on sales of $2.38 billion for the 3 months ended March 31, for bottom-line growth of 220.0% on sales growth of 3.2% compared with the same period last year.
Adjusted to exclude 1-time items, earnings per share were $1.11, 3¢ ahead of expectations on The Street.
"We are pleased with our first quarter results, with another strong quarter of nearly 6% organic sales growth and disciplined expense management. We expect this momentum, which is balanced across segments and regions, to continue and are raising the low end of full year sales and earnings guidance," chairman & CEO Kevin Lobo said in prepared remarks.
The results prompted Stryker to boost the low end of both its sales and earnings outlook for the rest of the year. The company said it now expects to post adjusted EPS of $4.95 to $5.10, compared with prior guidance of $4.90 to $5.10, on organic sales growth of 5% to 6%, up from 4.5% to 6%.
