Shares in Stryker (NYSE:SYK) have risen in after-hours trading today after the medical device maker beat expectations on Wall Street with its fourth quarter and full fiscal year 2018 earnings.
The Kalamazoo, Mich.-based company posted profits of approximately $2.1 billion, or $5.44 per share, on sales of approximately $3.8 billion for the three months ended December 31, seeing a swing from the red on the bottom-line while sales grew 9.4% compared with the same period during the previous year.
Adjusted to exclude one-time items, earnings per share were $2.18, just ahead of the $2.15 consensus on Wall Street, where analysts expected to see sales of approximately $3.7 billion, which the company topped.
For the full year, Stryker posted profits of approximately $3.6 billion, or $9.34 per share, on sales of approximately $13.6 billion, for bottom-line growth of 248.3% while sales grew 9.3% compared with the previous year.
After adjusting for one-time items, earnings per share for the year were $7.31, just ahead of the $7.28 consensus on Wall Street where analysts expected to see sales of approximately $13.5 billion, which the company topped.
“We had an excellent finish to 2018 with the best organic sales growth in a decade, and strong adjusted earnings performance. Our multi-year momentum reflects the strength of our diversified model, progress on globalization and outstanding people and culture. We are well positioned to deliver for our customers, employees and shareholders in 2019 and beyond,” chair & CEO Kevin Lobo said in a press release.
The company released guidance for the coming fiscal year, expecting to see net sales growth of between 6.5% and 7.5% with adjusted net earnings per diluted share of between $8.00 and $8.20. Stryker added that it expects to post adjusted EPS of between $1.80 and $1.85 for the first quarter of 2019.
Shares in Stryker have risen approximately 6.2% in after hours trading today, at $171 as of 4:16 p.m. EST.
Late last month, the U.S. Court of Appeals for the Federal Circuit affirmed Stryker’s enhanced $248 million win in a surgical tool patent case against Zimmer Biomet (NYSE:ZBH).
