Teleflex Gains 10% After Q3 Results Surpass Estimates

Shares of medical devices company Teleflex Incorporated (TFX) are rising more than 10% Thursday morning after reporting third-quarter results, above the Street view. The company also narrowed full-year revenue outlook, that comes in above consensus estimates.

Net income in the third quarter increased to $137.14 million or $2.90 per share from $101.89 million or $2.16 per share a year ago, mainly due to higher revenue.

Excluding one-time items, earnings from continuing operations of $3.64 per share beat the average estimate of analysts polled by Thomson-Reuters of $3.27 per share.

Revenue for the quarter grew to $746.39 million from $686.79 million last year. The consensus estimate was for $733.56 million.

For the full year, the the company now expects adjusted earnings per share from continuing operations to be in the range of $13.30-$13.50, compared with the previous guidance of $13.00-$13.60. Analysts expect earnings of $13.26 per share.

TFX is at $206.26 currently. It has traded in the range of $177.63 – $276.43 in the last 1 year.

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