Stryker Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2012; Provides Earnings Guidance for the Full Year of 2013
January 23, 2013 at 04:08 pm EST
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Stryker Corporation reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2012. For the quarter, the company reported operating income of $370 million, earnings before income taxes of $358 million, net earnings of $270 million or $0.71 diluted per share on net sales of $2,337 million against operating income of $418 million, earnings before income taxes of $433 million, net earnings of $401 million or $1.05 diluted per share on net sales of $2,215 million for the same period a year ago. Net cash provided by operating activities of $596 million against $627 million for the same period a year ago. Purchases of property, plant and equipment was $49 million against $64 million for the same period a year ago. Adjusted net earnings was $436 million or $1.14 diluted per share against $390 million or $1.02 diluted per share for the same period a year ago.
For the year, the company reported operating income of $1,741 million, earnings before income taxes of $1,705 million, net earnings of $1,298 million or $3.39 diluted per share on net sales of $8,657 million against operating income of $1,686 million, earnings before income taxes of $1,686 million, net earnings of $1,345 million or $3.45 diluted per share on net sales of $8,307 million for the same period a year ago. Net cash provided by operating activities of $1,657 million against $1,434 million for the same period a year ago. Purchases of property, plant and equipment was $210 million against $226 million for the same period a year ago. Adjusted net earnings was $1,560 million or $4.07 diluted per share against $1,448 million or $3.72 diluted per share for the same period a year ago.
For the full year 2013, Stryker is projecting constant currency sales growth in a range of 3.0% to 5.5%. If foreign currency exchange rates hold near current levels, the company anticipates net sales will be negatively impacted by approximately 0% to 1% in both the first quarter and full year of 2013. As previously communicated, the company projects 2013 adjusted diluted net earnings per share, including the estimated $100 million (pre-tax) annual impact from the medical device excise tax, to be in a range of $4.25 to $4.40.
Stryker Corporation is one of the world's leaders in designing, manufacturing, and selling orthopedic equipments. Net sales break down by family of products as follows:
- surgical equipments and neurotechnology products (57.5%): electric motorized surgical instruments, surgical navigation systems, endoscopy equipment, digital imaging systems, neurosurgery equipments, neurovascular devices, etc. The group also offers hospital beds, gurneys, stretchers, and emergency room equipment;
- orthopedic implants (42.5%): joint prostheses, traumatology implants, micro-implants, orthopedic cement, orthobiology products, etc. The group also provides spinal implants.
At the end of 2022, the group had 48 production sites worldwide.
Net sales are distributed geographically as follows: the United States (73.9%), Europe/Middle East/Africa (12.7%), Asia/Pacific (10.2%) and other (3.2%).
Stryker Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2012; Provides Earnings Guidance for the Full Year of 2013