Stryker (NYSE:SYK) reported its latest quarterly earnings results late on Tuesday, bringing in a profit that was stronger than what analysts expected on the Wall Street consensus estimate, but its prediction for its second quarter left something to be desired, playing a role in SYK stock sliding more than 3% after hours.
The Kalamazoo, Mich.-based medical technologies firm said that for its first quarter of fiscal 2019, it raked in net income of $412 million, or $1.09 per share. On an adjusted basis when taking into account non-recurring costs, its profit tallied up to $1.88 per share.
Stryker’s earnings were stronger than the Wall Street guidance as the average estimate of 13 analysts who were polled by Zacks Investment Research called for earnings of $1.84 per share.
The medical device maker posted revenue of $3.52 billion in the period, which met Street forecasts. For its second quarter of its fiscal 2019, Stryker sees its earnings as being in the range of $1.90 to $1.95 per share, while analysts who were polled by Zacks called for adjusted earnings of $1.95 per share.
The company now sees its full year as bringing in earnings in the range of $8.05 to $8.20 per share.
SYK stock is sinking about 3.7% after the bell following the company’s mixed quarterly earnings results, which were positive on the earnings front, but an underwhelming guidance for its current period played a role in the stock taking a hit late in the day. Shares had been increasing about 2.6% during regular trading hours as Stryker prepared itself to report for the period.
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