Stryker Corporation announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the fourth quarter, the company reported operating income of $468 million compared to $430 million a year ago. Net sales grew by 7.4% due to increased unit volume and changes in product mix and 3.1% as a result of acquisitions. Earnings before income taxes were $461 million compared to $431 million a year ago. Net earnings were $260 million or $0.67 per diluted share compared to $386 million or $1.01 per diluted share a year ago. Net cash provided by operating activities was $675 million compared to $672 million a year ago. Purchases of property, plant and equipment was $61 million compared to $56 million a year ago. Adjusted diluted net earnings per share increased 11.6% to $1.44.

For the full year, the company reported operating income of $1,246 million compared to $1,256 million a year ago. Earnings before income taxes were $1,160 million compared to $1,212 million a year ago. Net earnings were $515 million or $1.34 per diluted share compared to $1,006 million or $2.63 per diluted share a year ago. Net cash provided by operating activities was $1,782 million compared to $1,886 million a year ago. Purchases of property, plant and equipment was $233 million compared to $195 million a year ago. Adjusted diluted net earnings per share increased 5.3% to $4.73.

The company provided earnings guidance for the first quarter and full year 2015. For the first quarter, the company expects adjusted diluted net earnings per share to be in the range of $1.05 to $1.10 in the first quarter of 2015.

For the full year, the company expects 2015 constant currency sales growth in the range of 5.5% to 7.0%, including organic sales growth in the range of 4.5% to 6.0%. The company expects adjusted diluted net earnings per share to be in the range of $4.90 to $5.10, up 4% to 8%. Excluding the impact of foreign currency, the underlying EPS growth would be in a range of 10% to 14%. The company expects net sales in the first quarter and full year of 2015 to be negatively impacted by approximately 3 to 4 percentage points. Adjusted effective tax rate in 2015 will be closer to 20% or over 2 full percentage points lower than in 2014. Capital expenditures are expected to be slightly over $300 million in 2015 as the company continues to invest in the operations and IT infrastructure and assuming there are no debt increases for acquisitions or significant share repurchases.