Stryker Posts Higher 3Q Profit on Increasing Unit Volume
October 29 2020 - 4:56PM
Dow Jones News
By Kimberly Chin
Stryker Corp. said profit rose in the third quarter as sales
picked up due to an increase in unit volume although the company
warned that the ongoing pandemic can still weigh on deferrable
medical procedures.
The medical-technology company's profit was $621 million, or
$1.63 a share, up from $461 million, or $1.23 a share, a year
earlier. Adjusted profit was $2.14 a share. Analysts polled by
FactSet were expecting adjusted earnings of $1.41 a share.
Net sales rose to $3.74 billion from $3.59 billion in the
comparable period a year earlier, ahead of analysts' expectations
of $3.41 billion.
The Kalamazoo, Mich., company's total operating expenses
declined by 5.9% to $1.6 billion.
The measures to contain the spread of the Covid-19 pandemic has
led to the postponement of many deferrable medical procedures,
which will continue to have a negative effect on the company's
financial results, Stryker said.
Write to Kimberly Chin at kimberly.chin@wsj.com
(END) Dow Jones Newswires
October 29, 2020 16:41 ET (20:41 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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