Teleflex Q2 Adj. Profit Beats View, Reaffirms FY13 Earnings Outlook

(RTTNews) - Teleflex Incorporated (TFX) reported that its net income attributable to shareholders for the second quarter was $42.44 million or $0.98 per share, down from $42.61 million or $1.04 per share in the prior-year quarter.

Adjusted earnings per share from continuing operations for the quarter were $1.27, compared to $1.23 in the prior year period. On average, eight analysts polled by Thomson Reuters expected the company to report earnings of $1.16 per share for the quarter. Analysts' estimates typically exclude special items.

The company announced a change in methodology when calculating adjusted diluted earnings per share. The change in methodology increased the reported adjusted earnings per share for the second quarter by $0.04, while it had no impact on the year-ago period results.

Net revenues for the quarter rose 10 percent to $420.1 million from $383.33 million in the prior-year period. Excluding the impact of foreign currency fluctuations, net revenues also increased 10 percent over the prior year period. Analysts expected revenue of $432.18 million for the quarter.

Looking ahead to fiscal 2013, Teleflex now forecasts constant currency revenue growth between 10 percent and 12 percent, down from the prior range between 11 percent and 13 percent. However, the company reiterated its outlook for full-year adjusted earnings per share in a range of $4.70 to $4.90. Analysts expect the company to report earnings of $4.82 per share for the year on revenues of $1.72 billion.

Separately, Teleflex said its board of directors declared a quarterly cash dividend of $0.34 per share of common stock. The dividend is payable September 13, 2013 to shareholders of record at the close of business on August 15, 2013.