Teleflex Inc. saw a 1 percent increase in fourth-quarter revenue, but a 10 percent increase in its commercial segment, which was the result of increased marine OEM and aftermarket sales, the company said.
Fourth-quarter 2010 net revenue was $493.2 million, of which $47.7 million came from the commercial segment. The segment's operating profit and margins in the fourth quarter of 2010 were $2.3 million, or 4.9 percent, compared with $3.0 million, or 7 percent, in the prior year's quarter.
Net revenue for 2010 increased 2 percent, to $1.80 billion, from $1.76 billion in 2009. Revenue increased 3 percent on a constant currency basis, while the deconsolidation of an entity accounted for a 1 percent decline in revenue, the company said.
Limerick, Pa.-based Teleflex is primarily a provider of medical technology products. It also has niche businesses that serve segments of the aerospace and commercial markets with specialty engineered products.
"During the fourth quarter and the first weeks of 2011, we have continued to transition Teleflex into a global pure-play medical technology leader," chairman, president and CEO Benson Smith said in a statement. "Throughout the year we completed several transactions enabling us to exit non-medical segments and redeploy resources to our core medical business while reducing debt.
"One key goal in 2011 is to increase our medical product revenue growth rate for the full year, as compared to 2010. We will continue to pursue opportunities to maximize the value to our shareholders of our non-core assets and will heighten our new product development focus," he added.
The company's estimates for 2011 are revenue of $1.81 billion to $1.84 billion and adjusted cash earnings per share in the range of $4.95 to $5.15.
Teleflex also announced that its board of directors declared a quarterly cash dividend of 34 cents a share of common stock. The dividend is payable March 15 to shareholders of record at the close of business on March 4.