Stryker 3rd-quarter net profit falls due to recalls as sales rise

Thu Oct 17, 2013 4:32pm EDT

(Reuters) - U.S. orthopedic implant maker Stryker Corp (SYK.N) on Thursday said quarterly net profit fell 70 percent as charges for recalled products offset higher sales of its hip, knee and spine products.

The company reported a third-quarter net profit of $103 million, or 27 cents per share. Net sales for the quarter rose to $2.15 billion from $2.05 billion a year earlier.

Excluding items such as recall and restructuring charges, Stryker earned 98 cents per share. Wall Street analysts, on average, expected 99 cents per share, according to Thomson Reuters I/B/E/S.

For the full year, the company said it still expects a profit in the range of $4.20 to $4.26 a share.

(Reporting By Deena Beasley; Editing by nSteve Orlofsky)