Teleflex Q2 Results Top View, Lifts FY16 Earnings Forecast - Quick Facts

(RTTNews) - Teleflex Inc. (TFX), a provider of medical technology products, reported Thursday that its second-quarter net income attributable to common shareholders increased to $59.30 million from last year's $44.56 million.

Earnings per share from continuing operations increased 34.4% to $1.25 from $0.93 in the prior year period.

Adjusted earnings per share from continuing operations were $1.89, compared to $1.42 a year ago.

On average, 12 analysts polled by Thomson Reuters expected earnings of $1.74 per share for the quarter. Analysts' estimates typically exclude special items

Net revenues increased 4.8% to $473.55 million from last year's $452.05 million. Analysts were looking for revenues of $468.4 million for the quarter.

Excluding the impact of foreign currency exchange rate fluctuations, net revenues increased 5%.

Looking ahead, citing the performance and outlook for the remainder of the year, the company lifted its fiscal 2016 reported earnings per share guidance range to $5.34 to $5.41 from $5.32 to $5.37, which represents an increase of 8.8% to 10.2% over 2015. Adjusted earnings per share guidance range has been increased to $7.20 to $7.32 from $7.10 to $7.25. This new range represents an increase of 13.7% to 15.6% over 2015.

Analysts expect earnings of $7.24 per share for the year.

Further, the company reaffirmed its estimates that revenues for full year 2016 are expected to increase 3% to 4% over prior year on a GAAP basis, and 5% to 6% on a constant currency basis.