Monday, Teleflex Incorporated (TFX), an engineered products and services provider, reported a sharp decline in profit for the second quarter, hurt by lower revenues and one-time impairment charges. The company also raised its outlook for full year 2009 adjusted earnings per share.
For the quarter, net earnings plunged to $6.77 million from $44.04 million in the year-ago quarter. Income from continuing operations was $6.59 million compared to $28.87 million in the second quarter of fiscal 2008.
Net income attributable to shareholders slid to $6.47 million or $0.16 per share from $34.94 million or $0.88 per share a year ago. Results include a one-time charge of $31.87 million in relation to impairment of goodwill.
On average, six analysts polled by Thomson Reuters expected the company to earn $0.88 per share. Analysts' estimates typically exclude special items.
Limerick, Pennsylvania-based Teleflex's net revenues were $483.06 million as against $559.68 million in the prior-year quarter, due to an 8% decrease in core revenue, an unfavorable currency impact of 5%, and a 1% loss of revenues from sale of Marine gauge business. Analysts expected the company to generate revenues of $515.94 million during the quarter.
On a segmental basis, revenues from medical segment were down to $363.93 million from $384.34 million, revenues from aerospace segment were $36.96 million compared with $65.73 million, and revenues from commercial segment fell to $82.17 million from $109.61 million last year.
For the six months ended June 28, net earnings was $232.38 million as against $74.04 million in the comparable period last year. Income from continuing operations was $33.24 million compared to $44.08 million in the prior year. Net income attributable to shareholders increased to $221.98 million or $5.56 per share from $57.89 million or $1.46 per share in the previous-year period. Net revenues for the year-to-date period was down to $952.73 million from $1.10 billion in the same period last year.
Looking forward, chairman and chief executive officer Jeffrey Black said, "We are raising our 2009 annual guidance for earnings per share excluding special charges to $3.40 to $3.60 per diluted share." The previous estimate called for earnings per share excluding special charges of $3.25 to $3.55. Special charges are expected to be between $1.00 and $1.05 per share from the prior estimate of $0.30 to $0.40 per share.
The company expects core revenue growth in medical segment in the low single digits, and estimates cash flow from continuing operations to be nearly $210 million to $220 million, excluding tax payment related to gain on sale of Airfoil Technologies International. For the full year, analysts expect Teleflex to earn $3.38 per share on revenues of $2.01 billion.
TFX is currently trading at $49.00 per share, up 4.41%, on the New York Stock Exchange.
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