Teleflex gains despite 50% Q3 profit slide
Shares of medical device company Teleflex close up 2% despite a more than 50% profit slide.
Teleflex (NYSE:TFX) shares gained 2.3% yesterday, despite a 3rd-quarter profit slide of more than 50%, as investors discounted the impact of an acquisition and the sale of the medical device company's orthopedic OEM business.
Teleflex reported profits of 21.7 million, or 52¢ per share, on sales of $368.1 million during the 3 months ended Sept. 30, for a top-line increase of 1.5%.
Excluding the effects of Teleflex's $276 million buyout of laryngeal mask maker LMA and the $42.5 million sale of the OEM business, adjusted EPS reached $1.04, ahead of analysts' expectations of 86¢ apiece.