Teleflex Q4 Profit Rises; Backs 2014 Outlook - Quick Facts

(RTTNews) - Teleflex Inc. (TFX), a maker of medical devices, said that its fourth quarter 2013 net income attributable to common shareholders rose to $34.83 million from $29.32 million in the same quarter last year. On a per share basis, net income remained flat at $0.34, compared to prior year.

Quarterly earnings per share from continuing operations were $0.78, as compared to $0.72 in the prior year period.

Fourth quarter 2013 adjusted earnings per share from continuing operations were $1.36, as compared to $1.15 in the prior year period, an increase of 18.3%. Analysts polled by Thomson Reuters expected the company to report earnings of $1.27 per share for the quarter. Analysts' estimates typically exclude special items.

Fourth quarter 2013 net revenues were $450.5 million, an increase of 7.5% over the prior year period. Excluding the impact of foreign currency fluctuations, fourth quarter 2013 net revenues increased 6.9% over the prior year period. Six analysts estimated revenues of $437.06 million for the quarter.

"Teleflex delivered a strong finish to 2013, both in terms of constant currency revenue growth and adjusted earnings per share achievement," said Benson Smith, Chairman, President and Chief Executive Officer. "Our fourth quarter performance was aided by the contribution from the acquisitions of Vidacare and LMA International, an improvement in the average selling price of products, the introduction of new products to the marketplace and one additional shipping day in the quarter as compared to the prior year period."

The Company reaffirmed full year 2014 financial estimates. The company still expects adjusted earnings per share in the range of $5.35 to $5.55. Constant currency revenue growth is still anticipated between 7% and 9% for the full year 2014. Annual GAAP revenue growth is expected to be 6.0% - 8.0%. Annual earnings per share attributable to common shareholders is projected to be $3.60 - $3.75. Street currently is looking for fiscal year 2014 earnings of $5.49 per share on annual revenues of $1.81 billion.