Teleflex tops estimates with Q1 sales, earnings

Teleflex (NYSE:TFX) topped the consensus sales and earnings forecasts with its 1st-quarter results, despite a bottom-line slide of more than 20%.

The Wayne, Pa.-based medical device company posted profits of $40.2 million, or 89¢ per share, on sales of $487.9 million for the 3 months ended April 2, representing a profit decline of -20.8% on sales growth of 14.8% compared with Q1 2016.

Adjusted to exclude 1-time items, earnings per share were $1.80, a full 11¢ ahead of the consensus on Wall Street, where analysts were looking for sales of $472.7 million.

“Following a solid 4th-quarter performance to end 2016, I am pleased to report that the company is off to a strong start in 2017, aided in part by the additional shipping days in the quarter as compared to the 1st quarter of 2016,” chairman & CEO Benson Smith said in prepared remarks. “During the 1st quarter, the strength in our business was broad-based, covering several of our operating segments. This includes our recent acquisition of Vascular Solutions which contributed meaningfully to our revenue growth during its partial quarter of ownership, accounting for approximately 5% of our total company revenue growth.”

Teleflex raised its earnings outlook, saying it now expects to report adjusted EPS of $8.05 to $8.23, and stood fast on its sales forecast for constant-currency revenue growth of 12.5% to 14.0% including an 8.5% to 9.0% contribution from Vascular Solutions.

TFX shares were down -1.6% to $206.03 apiece today in mid-morning trading.

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