Teleflex Q4 Results Beat View; Acquires IWG High Performance Conductors
Teleflex Inc. (TFX) on Thursday reported that its net income for the fourth quarter rose to $108.27 million or $2.29 per share from $90.59 million or $1.93 per share in the year-ago period.
Adjusted earnings per share from continuing operations were $3.28, compared to $2.77 in the prior-year period.
Net revenues for the quarter rose 6.1 percent to $680.95 million from $641.62 million in the year-ago quarter. Excluding the impact of foreign currency exchange rate fluctuations, net revenues increased 7.1 percent over the year-ago period.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $3.22 per share for the quarter on revenues of $679 million. Analysts’ estimates typically exclude special items.
Looking ahead to fiscal 2020, Teleflex forecast reported earnings from continuing operations between $7.70 and $7.85 per share, and adjusted earnings from continuing operations between $12.50 and $12.70 per share.
The adjusted earnings outlook represents an increase of 12.1 percent to 13.9 percent over 2019 and reflects the company’s estimate of an approximately 0.9 percent negative impact from foreign currency exchange rate fluctuations.
Teleflex projects reported revenues for the full year to increase 6.5 percent to 7.5 percent over 2019, reflecting its estimate of an approximately 0.7 percent unfavorable impact of foreign currency exchange rate fluctuations.
The Street expects earnings of $12.68 per share for the year on 7.1 percent growth in revenues to $2.78 billion.
Teleflex also said it has acquired privately-held IWG High Performance Conductors Inc. or HPC, a manufacturer of highly engineered minimally invasive medical solutions.
The company noted that the acquisition of HPC will expand its OEM product portfolio by adding insulated wire and micro-diameter tubing components for medical devices including intra-cardiac mapping catheters, cerebral protection systems for TAVR procedures, and RF nerve ablation for pain management.
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