FX.co ★ Teleflex Q1 Results Top Estimates: Boosts FY24 Adj. EPS Outlook

Teleflex Inc., a company that sells specialty medical devices, has announced that its net income for the first quarter fell sharply to $15.29 million, or $0.32 per share. This is a significant drop from the same period last year when income reached $76.75 million, or $1.62 per share.

The company's income from operations also saw a considerable fall, down to $0.33 percent from the previous year's $1.63 per share. However, when excluding certain factors, the adjustable earnings from continuing operations were $3.21 per share, slightly higher than the $3.09 per share reported in the previous year's quarter. On average, 14 analysts surveyed by Thomson Reuters had predicted company earnings of $3.07 per share for the quarter, excluding any special items.

In terms of total revenue, the first quarter saw an increase of 3.8% to $737.85 million, up from $710.93 million in the same quarter of the last year. Analysts' expectations were for revenues of $726.89 million for the quarter.

Looking ahead to the fiscal 2024, Teleflex now anticipates earnings from continuing operations to range between $6.87 and $7.22 per share. The firm also expects adjustable earnings from continuing operations to range between $13.60 and $13.95 per share. Revenue growth is forecasted between 3.35% and 4.35%. When constant currency revenue growth is taken into consideration, the expected range is 3.75% to 4.75%.

Industry experts anticipate earnings of $13.73 per share with a 4.0% revenue growth equal to $3.09 billion for the year. These projections show an adjustment from the company's previous expected earnings from continuing operations in the range of $5.69 to $6.09 per share. Earlier, the company projected adjustable earnings from continuing operations to range between $13.55 and $13.95 per share with revenue growth prediction between 3.6% and 4.6%, and constant currency revenue growth between 3.75% and 4.75%.