Teleflex blows past Q1 estimates

Teleflex (NYSE:TFX) today blew past the consensus estimate with its first-quarter results and announced a manufacturing consolidation plan it hops will save $25 million to $30 million annually. Wayne, Pa.-based Teleflex posted profits of $56.2 million, or $1.20 per share, on sales of $587.3 million for the three months ended April 1. That amounts to bottom-line growth of 39.9% on a top-line gain of 20.4% compared with Q1 2017. Adjusted to exclude one-time items, earnings per share were $2.15, a full 21¢ ahead of The Street, where analysts were looking for sales of $568.9 million. “I am pleased to report that Teleflex is off to a solid start in 2018, as we generated constant-currency revenue growth of approximately 15% and adjusted earnings per share growth of approximately 19%,” president & CEO Liam Kelly said in prepared remarks. “During the first quarter of 2018, we saw a rebound in distributor buying patterns that had negatively impacted us during the fourth quarter of 2017 and we saw an acceleration in our organic constant currency revenue growth rate. In addition to an improvement in our organic revenue growth rate, we continued to see benefits from recently completed acquisitions, including NeoTract which generated over $42 million in revenue during the first quarter, which represented growth of approximately 87% year-over-year.” Teleflex raised its earnings and sales guidance for the rest of 2018, saying it now expects to report adjusted ...
Source: Mass Device - Category: Medical Devices Authors: Tags: MassDevice Earnings Roundup Wall Street Beat Teleflex Source Type: news