Teleflex Q3 Adj. EPS Tops Estimates; Boosts FY24 Adj. EPS Outlook

(RTTNews) - Specialty medical devices provider Teleflex Inc. (TFX) reported Thursday that net income for the third quarter declined to $111.00 million or $2.36 per share from $137.14 million or $2.90 per share in the prior-year quarter.

Income from continuing operations was $2.36 per share, lower than $2.92 per share last year.

Excluding items, adjusted earnings from continuing operations were $3.49 per share, compared to $3.64 per share in the year-ago quarter.

On average, 13 analysts polled by Thomson Reuters expected the company to report earnings of $3.39 per share for the quarter. Analysts' estimates typically exclude special items.

Net revenues for the quarter increased 2.4 percent to $764.38 million from $746.39 million in the same quarter last year. It is also up 2.2 percent on a constant currency basis. Analysts expected revenues of $769.60 million for the quarter.

Looking ahead to fiscal 2024, the company now projects earnings from continuing operations in a range of $6.65 to $6.95 per share and adjusted earnings from continuing operations in a range of $13.90 and $14.20 per share on revenue growth of 2.90 to 3.40 percent, with constant currency adjusted revenue growth of 3.50 to 4.00 percent.

The Street is looking for earnings of $13.97 per share on revenue growth of 4.0 percent to $3.09 billion for the year.

Previously, the company expected earnings from continuing operations in the range of $6.43 to $6.83 per share and adjusted earnings from continuing operations in the range of $13.80 and $14.20 per share on revenue growth of 3.40 to 4.40 percent.

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