Engineered products maker Teleflex Inc. (TFX) Monday said it sees fiscal 2010 earnings from continuing operations, excluding special items, above analysts' estimates. Further, in a separate release, the company announced the appointment of Richard Meier as Executive Vice President and Chief Financial Officer, effective immediately.
The Limerick, Pennsylvania-based company said it expects earnings for the full year to be in the range of $4.10 to $4.25 per share, or growth between 14% to 18% as compared to 2009. The company also expects total revenues to be more than $1.92 billion.
On average, six analysts polled by Thomson Reuters currently expect the company to report earnings of $3.98 per share on revenues of $1.91 billion for the year. Analysts' estimate typically excludes one-time items.
Teleflex said cash flow from continuing operations is expected to be in the range of $275 million to $280 million, or growth between 20% to 27% as compared to 2009.
The company added that restructuring and other special charges related to the Arrow integration program are anticipated to be $0.05 per share for the year.
Chairman and Chief Executive Officer Jeffrey Black said, "During 2010 we expect to achieve consolidated core revenue growth of between 2% to 3%, led by Medical segment core revenue growth of between 3% to 4%."
"In addition, we expect to continue to expand our Medical operating margins, and anticipate they will approach 22% for the year," Black added. The company said it also expects the cost reduction initiatives implemented in 2009 to drive margin expansion in both Aerospace and Commercial segments.
Teleflex plans to report fourth quarter and year end 2009 financial results on February 24, 2010.
In a separate release, Teleflex said it has appointed Richard Meier as Executive Vice President and Chief Financial Officer, effective immediately, succeeding Kevin Gordon who is resigning this month as CFO. Meier previously tenured as President and Chief Operating Officer of ophthalmic medical device company Advanced Medical Optics, Inc. He is currently a member of the board of directors of BioMarin Pharmaceuticals, Inc. and Staar Surgical Co. He was an executive with Advanced Medical Optics, Inc. (EYE) from 2002 until the company was acquired in 2009. He also served as Executive Vice President and CFO of Valeant Pharmaceuticals, Inc. (VRX).
In the Friday's regular trading session, TFX closed trading at $56.29 per share on the New York Stock Exchange. In the past 52-week period, shares have been trading at $37.21 to $56.33 per share.
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