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Zimmer Biomet adjusted Q4'16 profit surges

Zimmer Biomet Holdings Inc. booked $434.1 million, or $2.14 per share, in fourth-quarter 2016 adjusted net income, as opposed to $428.3 million, or $2.09 per share, in the fourth quarter of 2015.

The S&P Capital IQ consensus normalized EPS estimate for the fourth quarter was $2.11.

The company's fourth-quarter 2016 sales surged 4.1% year over year to $2.01 billion while net sales for the full year lifted 28.1% to $7.68 billion when compared to 2015.

Zimmer Biomet saw its fourth-quarter 2016 GAAP income narrow 47.5% year over year to $66.6 million, or 33 cents per share, from $127 million, or 62 cents per share, in the corresponding quarter of 2015.

Full-year 2016 adjusted net earnings were up to $1.61 billion, or $7.96 per share, from $1.31 billion, or $6.90 per share, in 2015.

The S&P Capital IQ consensus normalized EPS estimate for the year was $7.95.

The company's full-year 2016 GAAP earnings increased to $302.9 million, or $1.50 per share, from $147 million, or 77 cents per share, in 2015.

Zimmer Biomet will target $8.50 to $8.68 in adjusted EPS and $4.37 to $4.67 in GAAP EPS during 2017.

The S&P Capital IQ consensus normalized EPS estimate for 2017 is $8.65.