Stryker Corp., a maker of artificial hips and knees, reported first-quarter profit that topped analysts’ estimates as demand for the company’s orthopedic products and medical equipment increased.
Profit excluding one-time items was $1.11 a share, according to a statement Tuesday from the Kalamazoo, Michigan-based company. Analysts had forecast $1.08 on average, according to data compiled by Bloomberg. Revenue rose to $2.38 billion from $2.31 billion a year earlier, matching analysts’ predictions.
Stryker, which last year was said to be exploring a deal for London-based medical-device maker Smith & Nephew Plc, in March increased its share buyback program by $2 billion. The move, which boosted its repurchase authorization to $2.58 billion, cooled speculation a deal was in the works.
The company on Tuesday boosted the lower end of its annual forecast. Stryker now expects to earn $4.95 to $5.10 this year, up from prior view of $4.90 to $5.10. Analysts had forecast $4.99 on average, according to data compiled by Bloomberg.
The shares rose 1.5 percent to $94.71 at the close in New York. The stock has gained less than 1 percent this year.