Teleflex Inc. saw 1 percent growth in third-quarter net revenue, to $443 million, the company reported Tuesday.
In the commercial segment, which includes the company's marine-related business, third-quarter revenue increased 15 percent, to $51.1 million, from $44.3 million in the same period last year. Core revenue growth of 15 percent was the result of increased sales of marine OEM and aftermarket sales, the company said.
Commercial segment operating profit and margins in the third quarter, which ended Sept. 26, were $6.2 million, or 12.1 percent, compared with $4.1 million, or 9.3 percent, in the same period in 2009.
Third-quarter 2010 GAAP income from continuing operations attributable to common shareholders was $23.1 million, or 57 cents a diluted share, a decrease of 32 percent from the prior year's quarter. On an adjusted basis, third-quarter 2010 income from continuing operations was $44.7 million, or $1.11 a diluted share, a 30 percent increase from the same period in the prior year.
Third-quarter 2010 GAAP net income attributable to common shareholders was $22.2 million, compared with $38.3 million in the quarter a year earlier. These results included a loss from discontinued operations of $900,000 in the third quarter this year and income from discontinued operations of $4.4 million in the prior year's quarter.
"Our third-quarter results reflect continued progress toward the achievement of our longer-term growth and profitability objectives," chairman and CEO Jeffrey Black said in a statement. "Our medical segment core revenue growth was 2 percent, and our gross margins further expanded year-over-year. We continued to invest in research and development and sales and marketing initiatives that we believe will position Teleflex for sustainable, profitable growth in the future."
The company expects full-year 2010 total revenue to be approximately $1.8 billion and now expects full-year 2010 diluted earnings per share from continuing operations, excluding special items, to be in the range of $4 to $4.10.
This compares with the company's previous guidance of full-year 2010 diluted earnings per share from continuing operations, excluding special items, of $3.95 to $4.10.
The increase in special items is associated with the net-of-tax charge incurred in connection with the refinancing transactions that were completed during the third quarter this year.
Teleflex also said its board declared a quarterly cash dividend of 34 cents a share of common stock. The dividend is payable Dec. 15 to shareholders of record at the close of business Nov. 15.
Teleflex's stock was trading at $55.00 this morning. Its 52-week high and low are $66.07 and $47.92, respectively.