Stryker Announces Preliminary Q4 Results, 2015 Foreign Exchnage Outlook
Stryker Corporation (NYSE: SYK) announced preliminary results Tuesday for the fourth quarter and full year 2014.
Preliminary net sales for the fourth quarter and full year 2014 were $2.6 billion and $9.7 billion, respectively, increases of 6.1 percent and 7.3 percent, respectively. Analysts had estimated Q4 revenue at $2.63 billion and full year 2014 at $9.69 billion.
Excluding the impact of foreign currency and acquisitions, preliminary net sales increased 5.5 percent in the fourth quarter and 5.8 percent for the full year. Fourth quarter results include one less selling day, which negatively impacted sales by approximately 1 percent.
The company reported diluted net earnings per share of $0.61 to $0.70 and adjusted diluted net earnings per share of $1.43 to $1.45, below the estimates of adjusted EPS of $1.46.
Stryker now projects preliminary 2014 adjusted diluted net earnings per share to be in the range of $4.72 to $4.74, an increase of 5.1 percent to 5.6 percent over adjusted diluted net earnings per share of $4.49 in 2013.
Based on the current exchange rates the company expects 2015 adjusted net earnings per diluted share to be negatively impacted by approximately $0.20 per share, which compares to the prior estimate of $0.10 - $0.12 per share based on foreign exchange rates at the end of the third quarter.
"We had another strong quarter of organic sales growth of 5.5 percent, with full year growth towards the upper end of our expectations at the beginning of the year," said Kevin A. Lobo, Chairman and Chief Executive Officer.
Stryker traded at $92.95 in the after-hours session, down 1.35 percent.
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