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Stryker's 2Q net income increases 10 percent

Tue, 07/20/2010 - 1:45pm
The Associated Press

Medical device maker Stryker Corp. said Tuesday its second-quarter net income increased almost 10 percent on higher sales domestically for two of its products.

Net income for the three months ending June 30 rose to $319 million, or 80 cents a share, from $291.3 million, or 73 cents a share, in the year-ago period.

On average, analysts polled by Thomson Reuters expected net income of 80 cents per share.

Quarterly revenue edged up nearly 8 percent to $1.76 billion from $1.63 billion in the previous year. Analysts forecast revenue of $1.78 billion.

The company said domestic sales jumped 10.8 percent in the quarter due to more shipments of Orthopaedic implants and MedSurg equipment.

The company also reiterated its yearly forecast with net sales increasing 5 percent to 8 percent and net income per share between $3.20 and $3.30.

Analysts are forecasting net income of nearly $3.27 per share for 2010.

Shares of the company fell $1.29, or 2.5 percent, to $50 in extended trading.

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