(RTTNews) - Engineered products maker Teleflex Inc. (TFX:
News ) on Tuesday reported a decline in profit for the third quarter as income from discontinued operations, which lifted year-ago quarter's earnings significantly, was lower.
Net income attributable to shareholders declined to $38.31 million or $0.96 per share from $42.32 million or $1.06 per share a year ago.
Income from continuing operations for the third quarter rose to $35.04 million or $0.87 per share from $29.63 million or $0.74 per share in the previous year. Results for the quarter included a pre-tax non-cash charge of $3.3 million related to an impairment of an investment in an affiliate.
Income from discontinued operations for the quarter was $3.58 million, compared to $22.32 million last year.
The Limerick, Pennsylvania-based company's net revenues for the quarter declined 8% to $461.48 million from $504.03 million a year ago. The company attributed the decline to a decrease in core revenue of 6% and an unfavorable currency impact of 2%.
By segment, Medical revenues declined to $355.88 million from $367.33 million last year. Aerospace revenues declined to $45.85 million from $62.10 million in the previous year. Commercial revenues were $59.76 million, down from $74.60 million a year ago.
Interest expense declined to $21.07 million from $28.98 million in the previous year.
For the nine-month period, net income attributable to common shareholders rose to $260.29 million or $6.52 per share from $100.20 million or $2.52 per share last year. Net revenues for the period declined to $1.37 billion from $1.57 billion a year ago.
Looking forward, the company expects income from continuing operations excluding special items to be at the top end of its previously announced guidance range of $3.40 to $3.60 per share for the full year 2009.
TFX is currently trading at $49.31, down 1.55 or 3.05%, on a volume of 306K shares on the NYSE.
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by RTT Staff Writer
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