Sector News

Stryker posts higher profit, names new CFO

January 29, 2016
Life sciences

Medical technology company Stryker Corp (SYK.N) on Tuesday reported fourth-quarter profit slightly above analysts’ expectations on higher sales across its product lines.

The maker of artificial knee and hip implants, surgical instruments and other hospital products also announced the promotion of Glenn Boehnlein to chief financial officer, replacing William Jellison, who is retiring.

Net profit in the fourth quarter rose to $522 million, or $1.38 per share, from $260 million, or 67 cents per share, in the ear-ago period.

Excluding one-time items, Stryker said it earned $1.56 per share. Analysts on average had expected $1.55 per share, according to Thomson Reuters I/B/E/S.

Stryker previously announced fourth-quarter revenue of $2.7 billion, up 3.7 percent from a year ago.

The Kalamazoo, Mich.-based company forecast 2016 earnings in a range of $5.50 to $5.70 per share. Analysts on average were expecting $5.59 per share.

(Reporting by Susan Kelly in Chicago; Editing by Bernard Orr)

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