Medical device manufacturer Stryker Corp. (SYK) - Get Report jumped 11.4% Wednesday after the company reported that it swung to a $2.07 billion profit after reporting a loss in the same period last year.
The Kalamazoo, Mich.-based company reported earnings of $2.18 a share on revenue of $3.8 billion. Analysts were expecting the company to report earnings of $2.15 a share on revenue of $3.73 billion.
"We had an excellent finish to 2018 with the best organic sales growth in a decade, and strong adjusted earnings performance," said Kevin A. Lobo, chairman and CEO. "Our multi-year momentum reflects the strength of our diversified model, progress on globalization and outstanding people and culture. We are well positioned to deliver for our customers, employees and shareholders in 2019 and beyond."
For the current quarter, the company expects earnings between $1.80 and $1.85 a share, in line with Zacks forecast of earnings per share of $1.84. For the full year, Stryker expects to earn between $8 and $8.20 per share.
Year to date, Styker is up about 14%, and up 4.5% over the past 12 months. The company has recovered sharply after falling sharply on Christmas Eve when the stock was trading at $145 a share. Shares were above $176 on Wednesday.