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Teleflex beats The Street with Q4 results

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teleflex-medical-logoTeleflex (NYSE:TFX) posted fourth-quarter results that beat the consensus forecast on Wall Street.

The Wayne, Pa.-based company reported profits of $76.1 million, or $1.62 per share, on sales of $711.2 million for the three months ended Dec. 31, 2020, for a bottom-line loss of -29.7% sales growth of 4.44% compared with Q4 2019.

Adjusted to exclude one-time items, earnings per share were $3.25, 20¢ ahead of The Street, where analysts were looking for sales of $687.7 million.

“Due to the COVID-19 pandemic, 2020 was a difficult year for Teleflex. However, during the fourth quarter our business performed better than we expected, as trends continued to improve across many of our product categories and geographies,” president and CEO Liam Kelly said in a news release.

“In addition to the significant sequential improvement in our constant currency revenue performance that we experienced in the fourth quarter, I am also very pleased to see the continued sequential improvement that occurred in both our adjusted gross and adjusted operating margins, as we believe this positions us well to achieve our longer-term financial objectives.”

Teleflex said it expects to increase full-year 2021 revenues between 10% and 11.5% over 2020.

Shares in TFX were at a standstill in pre-market hours at $400.39 apiece.

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