Teleflex Q3 Earnings Increase, Beat Estimates; Lifts Earnings View For 2013

(RTTNews) - Teleflex Incorporated (TFX), a maker of medical devices, Wednesday reported a rise in earnings for the third quarter, on higher revenues. Earnings also beat analysts' estimates.

Earnings of Teleflex more than doubled during the period to $46.6 million, or $1.08 per share, from $21.7 million, or $0.52 per share, a year ago.

Earnings, excluding certain items, grew 26.7 percent to $1.33 per share from $1.05 percent a year ago. On an average, nine analysts polled by Thomson-Reuters estimated the company's earnings to be $1.14 for the quarter. Analysts' estimates typically exclude one-time items.

Revenues for the three months to September, increased to $413.8 million from $368 million a year ago.

Based on better-than-expected adjusted earnings in the third quarter, the company raised its adjusted earnings forecast for 2013 to $4.85-$5.00 per share. Analysts estimate earnings for the full year to be $4.85 per share.

However, based on weak sales of its OEM and respiratory therapy products and lower revenue expectations in Asia, the company cut its constant currency revenue growth outlook to 8.5 to 10 percent from 10 to 12 percent.

Tuesday, the stock closed at $87.40 on the Nasdaq.