Stryker (NYSE:SYK) shares dropped after hours yesterday despite third-quarter results that just topped the consensus forecast.
Kalamazoo, Mich.-based company posted profits of $466 million, or $1.23 per share, on sales of $3.59 billion for the three months ended Sept. 30, for a -21.0% bottom-line slide on sales growth of 10.6% compared with Q3 2018.
Adjusted to exclude one-time items, earnings per share were $1.91, 1¢ ahead of
Wall Street, where analysts were looking for sales of $3.58 billion.
“We delivered another strong quarter of results, with organic sales growth of 8.6% and adjusted EPS growth of 13%,” chairman & CEO Kevin Lobo said in prepared remarks. “We expect this momentum to continue, which positions us well to deliver above the high end of our initial guidance range for both organic sales and adjusted EPS.”
Stryker raised the low end of both its earnings and sales guidance, saying it now expects to log adjusted EPS of $8.20 to $8.25, compared with $8.15 to $8.25 previously, on organic sales growth toward the higher end of its prior 7.5% to 8.0% outlook.
Fourth-quarter adjusted EPS are forecast for $2.43 to $2.48, the company said.
Yesterday, shares of SYK closed up 3.2% at $220.53 per share, but dropped -3.4% after hours to $213.00 per share.