Teleflex Q1 sales up 37 per cent
By IBI Magazine
Teleflex today reported first quarter sales of US$604.5 million, up 37 per cent compared to the same period a year ago. The company said in a statement that the increase was due to the acquisition of Arrow International. Quarterly net income dropped by 48 per cent to US$22.9 per cent, compared to US$33.8 million for the same period a year ago. "Overall, we are pleased with our results for the first quarter," said Jeffrey P. Black, chairman and CEO, in the statement. "A strong performance in Medical Segment more than offset a decline in Commercial Segment operating profit related to the power systems business and slightly lower Aerospace Segment operating profit." Revenues in its Commercial Segment, which includes its marine division, declined to US$101.8 million from US$103.2 million in the same period last year. The company said that core growth in sales of marine products and rigging services products of 2 per cent and 11 per cent respectively, were offset by a 45 per cent decline in power systems revenues. "The Commercial Segment continues to manage through some tough end markets," said Black in the statement. "As forecasted, we saw sales growth in the marine and rigging services businesses compared to prior year. This was more than offset by the decline in power systems in the North American truck market when compared to the strong first quarter last year." Teleflex reaffirmed its guidance for adjusted earnings of US$3.70 to US$3.90 a share in 2008.
(28 April 2008)
|
