Stryker Corp Up 3.26% To $284.60 After Earnings Beat

Stryker Corp (SYK) surpassed earnings projections on 8/3/2023 for Q2 2023.The consensus among analysts for Stryker Corp was for an earnings per share (EPS) of $2.38. The firm was able to surpass those projections, reporting an EPS of $2.54, a positive surprise of $0.16 (7%). Profits rose 13% year-over-year after reporting an EPS of $2.25 in its year-ago quarter. The positive growth rate signals that the Healthcare company is performing well amid recent economic conditions. Revenues were upbeat at $5 billion. That is an increase of 11.20% in revenues from the year-ago report and is 3.44% higher than consensus estimates set at $4.8 billion. The stock is up 3.26% to $284.60 after the report.Stryker Corp's earnings expanded faster than revenues, signaling widening profit margins.Wall Street Analysts had an average rating of Buy on the stock prior to the report.Trading in the five days leading up to the report earned Stryker Corp a Bearish Sentiment Rank from InvestorsObserver.Stryker Corp has performed a little above average during the past few months. Before the report, Stryker Corp received a Long-Term Technical Rank by InvestorsObserver of 74, putting it in the top half of stocks. The firm was recently trading at a 52-week high of $306.93 on June 30, 2023 and set a 52-week low on September 27, 2022 at $200.8.Stryker designs, manufactures, and markets an array of medical equipment, instruments, consumable supplies, and implantable devices. The product portfolio includes hip and knee replacements, endoscopy systems, operating room equipment, embolic coils, hospital beds and gurneys, and spinal devices. Stryker remains one of the three largest competitors in reconstructive orthopedic implants and holds the leadership position in operating room equipment. Nearly one fourth of Stryker's total revenue currently comes from outside the United States.