Stryker Corp. (NYSE:SYK) boosted its full-year forecast for 2011 after posting strong third-quarter sales.
The Kalamazoo, Mich.-based company posted net income of $327 million, or 84 cents per share, on sales of $2.03 billion for the three months ended Sept. 30, down 3 percent compared to $337 million, or 85 cents per share, on $1.76 billion in sales during the same period last year.
Wall Street analysts had expected profits of 85 cents per share on $2.03 billion in sales.
The company enjoyed double-digit to near double-digit growth in all three of its major business units, including a 46 percent bounce in its neurotechnology and spine business. However, Stryker’s knee business was essentially flat on a constant currency basis. U.S. sales of its knee implants were down 2 percent and have remained sluggish throughout 2011.
Total U.S. sales were $1.29 billion, compared to $1.17 billion, a 10.6 percent increase from the same period last year. International sales jumped to $733 million, a 14 percent increase from the $594 million for the same period last year.
Stryker officials were optimistic enough in their performance that the company boosted its full-year forecast to $3.70 to $3.74 per share, up from its prior view of $3.65 to $3.73.
“It was another quarter of consistent and solid sales and earnings growth, despite the continued challenges presented in today’s difficult economic environment,” Stryker CEO Stephen MacMillan said in a prepared release. “We are on track to achieve double-digit sales growth in 2011 and adjusted per share earnings at the high end of the range we targeted at the start of the year, underscoring the strength of our diversified sales footprint.”