Teleflex (NYSE:TFX) reported third-quarter numbers today that topped the consensus on Wall Street and raised its earnings outlook for the rest of the year, sending share prices up in early trading despite a large profit slide.
The Wayne, Pa.-based medical device company reported profits of $56.5 million, or $1.21 per share, on sales of $609.7 million for the three months ended Sept. 30, for a bottom-line slide of -26.6% on sales growth of 14.0% compared with Q3 2017.
Adjusted to exclude one-time items, earnings per share were $2.52, 11¢ ahead of the average on The Street, where analysts were looking for sales of $608.6 million.
“During the third quarter of 2018, we saw strong execution across our strategic business units, an expected rebound in distributor orders and the resolution of certain supply constraints that negatively impacted the second quarter revenues,” president & CEO Liam Kelly said in prepared remarks. “Our performance in the third quarter gives us increased confidence in our full-year revenue growth projections, and we continue to estimate that full year 2018 constant currency revenue growth will be between 12% and 13%.”
Teleflex raised its adjusted EPS outlook to $9.80 to $9.95, up from $9.70 to $9.90 previously, but lowered its reported revenue growth guidance from 14% to 15% to 13.5% to 14.5%.
TFX shares were up 10.8% to $266.66 apiece today in early trading.