Teleflex 2Q profit falls but beats forecasts

Manufacturer Teleflex Inc. said Tuesday that profit fell sharply in the second quarter but still beat Wall Street expectations on growing sales in its medical and aerospace divisions.

Teleflex, which designs and makes products for the medical, aerospace and commercial markets, said it earned $34.9 million, or 88 cents per share, compared with $93.9 million, or $2.37 per share, a year ago.

Excluding charges, the company said it earned $41.9 million, or $1.05 per share, from continuing operations. Analysts, who usually exclude special items such as charges from their calculations, expected 92 cents per share, according to a survey by Thomson Financial.

Revenue rose 38 percent to $624.1 million from $452.3 million a year earlier.

Teleflex said sales in its medical segment jumped 70 percent, mostly on acquisitions, and revenue from the aerospace manufacturing business grew 21 percent.

The company also said it expected full-year profit from continuing operations of $3.90 to $4 per share, excluding special items. The company previously forecast income of $3.70 to $3.90 per share. Analysts surveyed by Thomson expected the company to earn $3.77 per share, excluding special items.

Shares rose $6.32, or 11.5 percent, to $61.26 in midday trading.