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."