Teleflex reports 3Q results

Author:
Updated:
Original:

Teleflex today reported an increase in revenue, but sharply lower profits in the third quarter.

The company said third-quarter net income fell to $21.7 million, or 52 cents a share, from $43.7 million, or $1.07 a share, in the same quarter a year earlier. The reduced profit resulted from costs related to an acquisition and a loss from the company’s orthopedics business.

Excluding one-time items, Teleflex said it earned $1.04 a share in the quarter. Revenue rose 1.5 percent, to $368.1 million, from $362.7 million a year earlier. Excluding the effect of foreign currency fluctuations, third-quarter 2012 revenue rose 6.2 percent from the prior-year period.

"Teleflex's strong 6.2 percent constant currency revenue growth reflects increased volumes on a global basis, the positive contribution from recently introduced products to the marketplace and our ability to raise the average selling price of our products by over 1 percent," Teleflex chairman, president and CEO Benson Smith said in a statement.

OEM and development services’ third-quarter 2012 net revenue was $36.9 million, an increase of 11 percent from the prior-year period. Excluding the impact of foreign currency fluctuations, third-quarter 2012 revenue increased 13 percent, compared with the prior-year period. The company said the increase in revenue was attributable to higher volume, higher capacity as a result of plant expansions, new products and price increases.

“With nine months of 2012 and the completion of the LMA acquisition behind us, we are updating our guidance ranges for constant currency revenue growth and adjusted earnings per share,” Smith added. “We now expect to generate constant currency revenue growth of between 6 percent and 7 percent and adjusted earnings per share of between $4.35 and $4.40. We believe we are building momentum for a solid finish to 2012 and into 2013 and beyond."

Related

The 2021 Top 10 Most Innovative Marine Companies Awards

The marine industry consistently honors products and people. The industry, however, has not recognized forward-thinking companies that are moving the industry in new directions. Soundings Trade Only’s mission is to reflect, inform and inspire.

German Superyacht Yard Files for Bankruptcy

Nobiskrug cited a lack of orders, the Covid-19 pandemic and other factors in its decision to start the proceedings.

West Marine Acquired

The private-equity firm L Catterton will take a controlling interest in the retailer’s ownership.

Kicker Supports Two Events on Lake Havasu

The marine audio company will take part in the performance-boat events Super Cat Fest West and the Desert Storm Poker Run this weekend and next.

Bay Bridge Show Starts Tomorrow

The combined sail- and powerboat show runs through Sunday in Stevensville, Md.

Brunswick Corp. Arranges Covid-19 Vaccinations

The marine-industry conglomerate aims to protect employees and their communities against Covid-19.

Kadey-Krogen Announces New Ownership Structure

This summer, the builder and its new investor plan to reveal a five-year innovation and strategic plan.

What is America’s Finest Harbor?

Online voting is open in the US Harbors competition for the best U.S. harbor.

Bruce Van Wagoner to Retire

The 45-year industry veteran was marine group president for Wells Fargo Distribution Finance.