Teleflex Q3 Profit Slides, But Beats Street; Trims Annual Outlook Below View

(RTTNews) - Specialty medical devices provider Teleflex Incorporated (TFX) Thursday reported lower profit in the third quarter, impacted by decline in revenue. The company also cut its full-year earnings outlook, below analysts' estimates.

Income from continuing operations in the third quarter fell to $101.88 million or $2.16 per share form $199.51 million or $4.26 per share in the same quarter a year ago.

Excluding one-time items, earnings were $3.27 per share, that beat the average estimate of analysts polled by Thomson Reuters of $3.11 per share. Analysts' estimates typically exclude special items.

Quarterly revenues were $686.78 million, down 1.9% year-over-year from $700.25 million. The consensus estimate was for $691.48 million.

Looking forward to the full year, the company has lowered its outlook for adjusted EPS to $12.80-$13.20 from $13.00-$13.40 provided earlier.

Full-year revenue growth is now expected to be down 0.75% - up 0.25% from down 0.45% - up 0.55%.

Analysts expect the company to report earnings of $13.1 per share on no revenue growth.