WASHINGTON (dpa-AFX) - Stryker Corp. (SYK) reported that its first-quarter net earnings were $350 million or $0.91 per share, compared with $307 million or $0.78 per share in the same quarter last year.
Adjusted net earnings rose to $379 million or $0.99 per share, from $353 million or $0.90 per share in the comparable quarter last year. On average, twenty seven analysts polled by Thomson Reuters expected the company to report earnings of $0.99 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter rose 7.2% to $2.16 billion from $2.02 billion in the prior year quarter, while twenty five analysts had consensus revenue estimate of $2.12 billion for the quarter.
The financial forecast for 2012 includes a constant currency sales increase of 3.5% to 6.5%. If foreign currency exchange rates hold near current levels, the Company anticipates net sales will be impacted negatively by approximately 1.0% to 2.0% in the second quarter of 2012 and negatively impacted by approximately 0.5% to 1.5% for the full year of 2012. Excluding the expected impact of foreign currency and acquisitions, projected sales growth is 2% to 5%.
The Company projects 2012 adjusted net earnings per share to grow at double-digit levels over 2011. In 2012, the Company anticipates previously announced restructuring and related charges and acquisition and integration-related charges to reduce reported net earnings per share by approximately $0.22.
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