Teleflex Inc. today announced an 8 percent overall decline in revenues for the third quarter, which ended Sept. 27.
Revenues from continuing operations were $461.5 million, compared to $504 million in the third quarter of 2008. The decline resulted from a decrease in core revenue of 6 percent and an unfavorable currency impact of 2 percent.
Commercial segment revenues declined 20 percent in the third quarter to $59.8 million from $74.6 million in the same period last year. Reductions in core revenue, which accounted for 16 percent of the decline, were principally a result of a decrease in sales of rigging and marine OEM products partially offset by sales of the modern burner unit to the U.S. military.
The impact of the marine gauge business divestiture contributed 4 percent to the decline.
Income from continuing operations, excluding special items, increased 12 percent to $35.2 million, or 88 cents per diluted share, compared to $31.4 million, or 78 cents per diluted share in the prior year quarter.
"During the quarter, Teleflex generated double-digit adjusted earnings growth, improved our working capital as evidenced by our strong cash flow performance, and progressed on our capital structure," said Jeffrey P. Black, chairman and chief executive officer, in a statement.
"We achieved core revenue growth in our higher-margin, critical care product offerings and continued to expand our medical segment adjusted operating margins," said Black. "We also expect the sequential operating profit improvements reported in our aerospace and commercial businesses to continue in the fourth quarter. In light of these factors, we now expect our 2009 earnings per share, excluding special items, to be at the top end of our previously announced guidance of $3.40 to $3.60 per diluted share."
For the first nine months of 2009, Teleflex revenues from continuing operations decreased 12 percent to $1.375 billion from $1.57 billion in the first nine months of 2008.