Teleflex (NYSE:TFX) shares were up before hours today on first-quarter results that came in ahead of the consensus forecast.
The (LOCATION)-based company posted profits of $77.1 million, or $1.63 per share, on sales of $641.7 million for the three months ended March 27, 2022, for a 3% bottom-line gain on sales growth of 1.2%.
Adjusted to exclude one-time items, earnings per share were $2.88, 13¢ ahead of Wall Street, where analysts were looking for sales of $634 million.
“Teleflex delivered solid first-quarter results reflecting strong execution, the benefits of our diversified product portfolio, and the dedication of our global team to serving our customers,” Teleflex Chair, President and CEO Liam Kelly said in a news release. “COVID-19 cases trended down throughout the first quarter, and the number of elective surgical procedures increased. Although Teleflex continues to monitor inflationary and supply chain pressures, we believe that the company remains well-positioned to drive durable growth and manage the challenges of the current environment.”
Teleflex maintains its previously announced financial guidance for 2022, with adjusted EPS expected to range between $13.70 and $14.30 and revenue growth expected to fall between $2.3% and 3.8%. The company did revise its GAAP EPS projection, raising both ends by 5¢ to a range of $8.90 to $9.50.
TFX shares were up 0.3% at $317 per share before the market opened today.