Kalamazoo, Mich.-based Stryker reported profits of $215 million, or 56¢ per share, on sales of $2.36 billion for the 3 months ended June 30, for bottom-line growth of 0.9% on sales growth of 6.8%.
But adjusted to exclude 1-time items, earnings per share were $1.08, exactly in line with expectations on The Street.
"We delivered another solid quarter of sales growth, with organic sales up 5%," president & CEO Kevin Lobo said in prepared remarks. "This top line performance helped us achieve an adjusted EPS of $1.08, while investing in innovation and integrating acquisitions to support future growth."
Stryker said it expects to deliver 2014 adjusted EPS of $4.75 to $4.80, on sales growth of 5% to 6%. Third-quarter adjusted EPS are pegged at $1.12 to $1.16, according to a press release.