Reuters: Global Markets: Stryker profit misses as euro weighs; shares slip

Reuters: Global Markets Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Stryker profit misses as euro weighs; shares slip Jul 18th 2012, 22:24 Wed Jul 18, 2012 6:24pm EDT (Reuters) - Orthopedic implant maker Stryker Corp (SYK.N) posted second-quarter earnings on Wednesday that fell short of Wall Street estimates, hurt by a weaker euro that dampened its sales overseas. The company's shares slumped about 2.5 percent after hours. Stryker, which makes artificial hips and knees as well as hospital beds and surgical instruments, said the unfavorable currency impact reduced net sales by 2 percentage points. Weak demand in Europe and to a lesser extent in Japan was partly offset by stronger U.S. sales of hip and knee devices, company officials said on a conference call. The orthopedic implant sector was especially hard hit in the economic downturn as patients delayed elective medical procedures either because they lacked insurance, faced higher out-of-pocket costs with the insurance they had, or feared taking time off from work. But the U.S. hip and knee market is now stable and improving modestly, Stryker said. "Overall it was a nice performance for our U.S. hip, knee and trauma and extremities implant lines," Stryker Vice President Katherine Owen told analysts on a conference call. Stryker reported second-quarter net earnings of $325 million, or 85 cents a share, compared with $310 million, or 79 cents a share, a year ago. Excluding one-time charges, Stryker earned 98 cents a share. Analysts on average expected 99 cents a share, according to Thomson Reuters I/B/E/S. Net sales rose 2.9 percent to $2.1 billion in the quarter, about in line with analysts' estimates. The Kalamazoo, Michigan-based company said it continues to expect sales growth of 2 percent to 5 percent excluding the impact of currency translations and acquisitions in 2012. It also repeated its projection for double-digit growth in earnings per share for the full year. Stryker said it its considering both internal and external candidates for a permanent chief executive following the resignation of Stephen MacMillan, who stepped down in February for family reasons. The company expects a decision in 2012. Chief Financial Officer Curt Hartman is serving as CEO in the interim. The company's shares were down 2.5 percent in after-hours trading from a close of $53.57 on Wednesday on the New York Stock Exchange. (Reporting by Susan Kelly in Chicago; editing by Andre Grenon) Link this Share this Digg this Email Reprints

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions