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Teleflex reports 4Q, year-end results - Trade Only Today

Teleflex reports 4Q, year-end results

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Teleflex Inc. today announced an increase in revenues for the fourth quarter, which ended Dec. 31, 2009, but a decrease in revenues for the year.

For the fourth quarter 2009, revenues from continuing operations were $515 million compared to $497.2 million in the fourth quarter of 2008, an increase of 4 percent.

The increase resulted mostly from a favorable currency impact of 4 percent. Core revenue was up 2 percent in the medical segment and down 7 percent and 4 percent in the aerospace and commercial segments, respectively.

For full-year 2009, Teleflex revenues from continuing operations decreased 9 percent to $1.89 billion from $2.06 billion in 2008, principally due to a decline in core revenues in the aerospace and commercial businesses, and an unfavorable currency impact of 3 percent.

"2009 had its challenges, but as the calendar has changed to a new decade, our company has changed as well," said Jeffrey P. Black, chairman and chief executive officer, in a statement. "We are a company that reduced its exposure to cyclical industries through the divestiture of components of our aerospace and commercial segments, made progress with the FDA remediation, continued to make investments in areas that offer long-term growth potential and executed very well financially. We are prepared to execute in 2010 as well."

Commercial segment revenues in the quarter declined 7 percent to $59.7 million from $64.2 million in the same period last year. Reductions in core revenue, which accounted for 4 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 and marine aftermarket sales.

The impact of the marine gauge business divestiture contributed 4 percent to the decline. This was somewhat balanced by a favorable currency impact of 1 percent.

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