Teleflex posts 1Q net income of $27M
Teleflex posts 1st-qtr net income of $27M, reverses year-ago loss, but revenue falls short
LIMERICK, Pa. (AP) -- Teleflex posted first-quarter net income of $27 million, reversing a loss in the same period last year, on strong demand for it anesthesia and urology equipment.
Adjusted profits beat Wall Street predictions, but revenue fell short and shares of the medical equipment maker fell 5 percent.
Profit attributable to common shareholders amounted to 63 cents per share, compared with a loss of $283.7 million, or $6.96 per share, last year, when the company took a $332.1 million charge as it reorganized business unit.
Excluding one-time items, Teleflex posted a profit of $1.03 for the recent quarter, beating Wall Street estimates by 2 cents, according to FactSet.
Yet revenue rose just 8 percent to $411.9 million, short of the $416.9 million that analysts had expected.
Critical care revenue increased 12 percent to $287 million on higher sales of anesthesia and urology products. Surgical care revenue rose 4 percent to $74.7 million, while cardiac care revenue fell 8 percent to $18.9 million.
Teleflex projected an adjusted 2013 profit of $4.70 to $4.90 per share, while analysts expect a profit of $4.84 per share.
In afternoon trading, shares of Teleflex Inc. fell $4.33 to $77.91, after dropping as low as $77.88. Over the past 52 weeks, the company's shares have traded between $57.26 and $87.46.
