By Kimberly Chin
Stryker Corp. said profit rose in the third quarter as sales picked up due to an increase in unit volume although the company warned that the ongoing pandemic can still weigh on deferrable medical procedures.
The medical-technology company's profit was $621 million, or $1.63 a share, up from $461 million, or $1.23 a share, a year earlier. Adjusted profit was $2.14 a share. Analysts polled by FactSet were expecting adjusted earnings of $1.41 a share.
Net sales rose to $3.74 billion from $3.59 billion in the comparable period a year earlier, ahead of analysts' expectations of $3.41 billion.
The Kalamazoo, Mich., company's total operating expenses declined by 5.9% to $1.6 billion.
The measures to contain the spread of the Covid-19 pandemic has led to the postponement of many deferrable medical procedures, which will continue to have a negative effect on the company's financial results, Stryker said.
Write to Kimberly Chin at firstname.lastname@example.org
(END) Dow Jones Newswires
October 29, 2020 16:41 ET (20:41 GMT)Copyright (c) 2020 Dow Jones & Company, Inc.