Stryker Corporation announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2015. For the fourth quarter, the company reported net sales of $2,715 million compared to $2,618 million a year ago. Operating income was $648 million compared to $468 million a year ago. Earnings before income taxes were $612 million compared to $461 million a year ago. Net earnings were $522 million or $1.38 per diluted share compared to $260 million or $0.67 per diluted share a year ago. Adjusted operating income was $744 million compared to $721 million a year ago. Adjusted net earnings were $591 million or $1.56 diluted per share compared to $552 million or $1.44 diluted per share a year ago.

For the full year, the company reported net sales of $9,946 million compared to $9,675 million a year ago. Operating income was $1,861 million compared to $1,246 million a year ago. Earnings before income taxes were $1,735 million compared to $1,160 million a year ago. Net earnings were $1,439 million or $3.78 per diluted share compared to $515 million or $1.34 per diluted share a year ago. Net cash provided by operating activities was $899 million compared to $1,777 million a year ago. Purchases of property, plant and equipment was $270 million compared to $233 million a year ago. Adjusted operating income was $2,481 million compared to $2,414 million a year ago. Adjusted net earnings were $1,949 million or $5.12 diluted per share compared to $1,810 million or $4.73 diluted per share a year ago.

The company provided earnings guidance for the first quarter and full year 2016. For the quarter, the company expects constant currency sales growth in the range of 5.0% to 6.0% and adjusted net earnings per diluted share to be in the range of $1.17 to $1.22. If foreign currency exchange rates hold near current levels, the company expects net sales to be negatively impacted by approximately 1.1% and adjusted net earnings per diluted share to be negatively impacted by approximately $0.02 to $0.03.

For the year, the company expects constant currency sales growth in the range of 5.0% to 6.0% and adjusted net earnings per diluted share to be in the range of $5.50 to 5.70. If foreign currency exchange rates hold near current levels, the company expects net sales to be negatively impacted by approximately 1.1% and 1.0% and adjusted net earnings per diluted share to be negatively impacted by approximately $0.12-$0.13. The company expects full year adjusted effective tax rate in 2016 will continue to be approximately 17% to 17.5%. Capital expenditures are expected to be $400 million to $450 million in 2016 as the company continues to invest in operations and IT infrastructure to support future growth.