Stryker Corp SYK shares are trading higher in Tuesday's after-hours session after the company reported better-than-expected fourth-quarter financial results. Here's a summary of the details.
What To Know: Stryker reported quarterly adjusted earnings of $3.46 per share which topped the Street's expectations of $3.27, a 15.33% increase over earnings of $3.00 per share from the same period last year.
The company reported quarterly sales of $5.82 billion which beat analyst estimates of $5.60 billion, an 11.83% increase over sales of $5.20 billion from the same period last year.
Adjusted operating income margin rose 60 bps to 27.2% in the fourth quarter and the full-year adjusted operating income margin grew 40 bps to 24.2%.
Stryker sees 2024 organic net sales growth between 7.5% and 9.0% and adjusted earnings per share between $11.70 and $12.00, versus the $11.56 estimate, citing, "momentum from 2023, strong procedural volumes, healthy demand for capital products and a stabilizing macro-economic environment."
"We drove excellent organic sales growth of over 11% in both the fourth quarter and the full year, and delivered strong adjusted earnings," said Kevin Lobo, chair and CEO. "It was exciting to surpass $20 billion in sales as we continue to drive high growth. I would like to thank our teams for the strong performance in 2023."
SYK Price Action: Shares of Stryker were up 3.53% at $328.00 in the after-hours session at the time of publication, according to Benzinga Pro.
Related Link: Why LendingClub Stock Took A Hit After-Hours
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