Teleflex Q1 Results Top Estimates: Boosts FY24 Adj. EPS Outlook

(RTTNews) - Specialty medical devices provider Teleflex Inc. (TFX) reported Thursday that net income for the first quarter plunged to $15.29 million or $0.32 per share from $76.75 million or $1.62 per share in the prior-year quarter.

Income from continuing operations was $0.33 percent, sharply lower than $1.63 per share last year.

Excluding items, adjusted earnings from continuing operations were $3.21 per share, compared to $3.09 per share in the year-ago quarter.

On average, 14 analysts polled by Thomson Reuters expected the company to report earnings of $3.07 per share for the quarter. Analysts' estimates typically exclude special items.

Net revenues for the quarter increased 3.8 percent to $737.85 million from $710.93 million in the same quarter last year. Analysts expected revenues of $726.89 million for the quarter.

Looking ahead to fiscal 2024, the company now projects earnings from continuing operations in a range of $6.87 to $7.22 per share and adjusted earnings from continuing operations in a range of $13.60 and $13.95 per share on revenue growth of 3.35 to 4.35 percent, with constant currency revenue growth of 3.75 to 4.75 percent.

The Street is looking for earnings of $13.73 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 $5.69 to $6.09 per share and adjusted earnings from continuing operations in the range of $13.55 and $13.95 per share on revenue growth of 3.6 to 4.6 percent, with constant currency revenue growth of 3.75 to 4.75 percent.

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