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Teleflex expects sales to beat analysts' consensus316 days ago
(AP:LIMERICK, Pa.) Engineered products maker Teleflex Inc. said Thursday it expects revenues this year to top analyst expectations but adjusted earnings per share to come in below the Wall Street consensus, partly from higher pension expenses.
Revenue is expected to exceed $2.4 billion and earnings per share from continuing operations, excluding one-time items, to be $4.10 to $4.40, the company said in a news release.
Analysts polled by Thomson Reuters expect, on average, revenue of $2.45 billion and earnings per share of $4.35. Such expectations typically exclude one-time items.
"Entering 2009, we have a stronger portfolio of businesses positioned to deliver increased margins, strong cash flow and long-term revenue growth," said Chief Executive Jeffrey P. Black. "The integration of the Arrow business continues on schedule and we are making good progress reducing our debt."
Last year Teleflex bought surgical equipment maker Arrow International Inc.
The company said it expects pension expense increases of about $11 million.
Lazard Capital Markets analyst Sean Lavin said that before the company issued its guidance, he had expected revenue of $2.47 billion and adjusted earnings per share of $4.52.
Lavin, who has a "Buy" rating on the shares, said Teleflex disclosed greater-than-expected expenses for this year. As a result, he trimmed his 2009 outlook for earnings per share to $4.25 from $4.52 and lowered his target to $60 from $63.
In afternoon trading, the stock rose $1.97, or 4.1 percent, to $50.21.
Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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