UPDATE 1-Stryker quarterly profit falls short of Wall Street estimates

Thu Jul 18, 2013 5:14pm EDT

July 18 (Reuters) - U.S. orthopedic implant maker Stryker Corp on Thursday reported net profit fell 35 percent in the second quarter, but said adjusted earnings rose about 1 percent as sales of its hip, knee and spine products improved.

Stryker said its results were adversely affected by foreign currency exchange rates, and it lowered its full-year earnings forecast to reflect a continuation of those headwinds.

Consolidated net sales rose 5 percent in the quarter from a year earlier to $2.21 billion.

Excluding items such as costs for product recalls, adjusted earnings of $1.00 per share fell short of the $1.03 per share Wall Street analysts, on average, had forecast, according to Thomson Reuters I/B/E/S.

Stryker said it earned a net profit for the quarter of $213 million, or 56 cents per share, compared with $325 million, or 85 cents per share, a year earlier.

For the full year, the company lowered its earnings per share forecast to between $4.20 and $4.26 from a previous range of $4.25 to $4.40. Analysts, on average, had forecast full-year earnings of $4.29 per share.

Shares of Stryker, which closed at $70 in regular trading on the New York Stock Exchange, were flat after hours.

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