Stryker 3Q Profit Falls 16 Pct On Restructuring

KALAMAZOO, Mich. (AP) — Implant maker Stryker Corp. said Tuesday its third-quarter earnings fell 16 percent, as a $48 million restructuring charge dragged on the company's performance despite flat sales.

The company said earnings fell to $229 million, or 57 cents per share, during the three months ended Sept. 30. That's down from $273.8 million, or 66 cents per share, in the same period last year.

The company said the restructuring charges resulted from decisions to terminate certain third-party agent agreements, product discontinuations and efforts to simplify the company's organization structure. Excluding the charges, the company earned 69 cents per share.

Revenue was almost unchanged at $1.65 billion.

Analysts surveyed by Thomson Reuters expected 69 cents per share on $1.61 billion, on average. The estimates exclude the effects of one-time items such as restructuring charges.

The company also cut its financial outlook for the rest of the year.

Shares rose $1.47, or 3.2 percent, to $46.75 in after hours trading. The stock closed at $45.28 during the regular session after falling 87 cents.