Teleflex Lifts FY16 Adj. EPS View, Cuts Revenue Growth Forecast - Quick Facts

(RTTNews) - Teleflex Inc. (TFX), a provider of medical devices for critical care and surgery, on Thursday lifted its forecast for fiscal 2016 adjusted earnings per share from continuing operations guidance to a range of $7.25 to $7.34 from previous estimated range of $7.20 to $7.32. This new estimate represents an increase of 14.5% to 16.0% over 2015.

On average, 11 analysts polled by Thomson Reuters expect earnings of $7.32 per share for the quarter. Analysts' estimates typically exclude special items.

The company continues to expect reported earnings per share from continuing operations of $5.34 to $5.41, which represents an increase of 8.8% to 10.2% over last year.

Meanwhile, the company lowered its revenue growth forecast to 2.4% to 2.8% from previous estimate of 3% to 4% growth over prior year. At constant exchange rates, revenues are now expected to grow 3.4 percent to 3.8 percent, compared to previous estimate of 5 percent to 6 percent increase.

In its third quarter, attributable net income increased to $66.32 million from last year's $60.85 million. Earnings per share were $1.40, 10.2% higher than $1.25 a year ago.

Adjusted earnings per share from continuing operations were $1.80, compared to $1.60 in the prior year period.

Third-quarter 2016 net revenues were $455.65 million, an increase of 2.7% from last year's $443.71 million. Excluding the impact of foreign currency exchange rate fluctuations, net revenues increased 3.1% over the year ago period.

Analysts were looking for earnings of $1.78 per share on revenues of $461.78 million for the quarter.

Benson Smith, Chairman and Chief Executive Officer, said, "Third quarter sales were below our expectations, driven in part by weakness in certain Asian emerging markets, continued softness in oil-based Latin American economies, the timing of distributor purchases which negatively impacted some of our North American product lines and a slower than initially anticipated contribution from revenue associated with new products."