Stryker (SYK) Tops Q3 EPS by 1c, Offers Q4 Guidance

Stryker (NYSE: SYK) reported Q3 EPS of $1.69, $0.01 better than the analyst estimate of $1.68. Revenue for the quarter came in at $3.2 billion versus the consensus estimate of $3.26 billion.

GUIDANCE:

Stryker sees Q4 2018 EPS of $2.13-$2.18, versus the consensus of $2.13.

• Based on our year-to-date performance we now expect 2018 organic net sales growth, which excludes the impact related to adoption of the new revenue recognition standard(2), to be at the high end of the range of 7.0% to 7.5% and expect adjusted net earnings per diluted share(5) to be in the range of $7.25 to $7.30. In 2018 our calculation of organic net sales growth excludes the impact of adopting ASC 606(2), which includes primarily the reclassification of costs previously reported within selling expenses to a reduction of sales, which for 2017 was approximately $112 million ($28 million per quarter). For the fourth quarter we expect adjusted net earnings per diluted share(5) to be in the range of $2.13 to $2.18. If foreign currency exchange rates hold near current levels, we expect net sales in the fourth quarter will be negatively impacted by approximately 1.0% and full year will be positively impacted

For earnings history and earnings-related data on Stryker (SYK) click here.

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