Teleflex (NYSE:TFX) shares took a dip today despite fourth-quarter results that topped the consensus forecast and resulted in a raised guidance.
The Wayne, Pa.-based surgical and critical care device maker posted profits of $108.3 million, or $2.29 per share, on sales of $680.95 million for the three months ended Dec. 31, 2019, for a 19.5% bottom-line gain on sales growth of 6.1%.
Adjusted to exclude one-time items, earnings per share were $3.28, 6¢ ahead of Wall Street, where analysts were looking for sales of $679 million.
Teleflex president & CEO Liam Kelly said in a news release that the company achieved the highest adjusted gross and operating margins in its history during its strong fourth quarter.
“2019 was the first year of our three-year long-range plan, and I am pleased that during the first year we were able to exceed our constant currency revenue growth expectations,” Kelly said in the release. “Additionally, during 2019 we were able to proactively pull-forward one-time investment spending that we expect will pay benefits in future years. Finally, we exited the year with gross and operating margins that provide us confidence in our ability to achieve our previously provided long-range targets.”
Teleflex said it now expects to log adjusted EPS of between $12.50 and $12.70, compared with the previously stated range of $11.05 to $11.10 after the third quarter.
TFX shares were down -2.9% at $383.67 per share in early-morning trading today.
