WAYNE, PA — Teleflex Incorporated (NYSE: TFX) has released its financial results for the third quarter ending September 29, 2024, showing a 2.4% increase in GAAP revenue to $764.4 million compared to the same period last year. The company also posted a GAAP diluted EPS from continuing operations of $2.36, down from $2.91 in the prior year. Adjusted diluted EPS from continuing operations slightly decreased to $3.49 from $3.64.
For 2024, Teleflex has adjusted its revenue growth expectations, lowering GAAP revenue growth guidance to a range of 2.90% to 3.40% and adjusted constant currency revenue growth to 3.50% to 4.00%. However, the company has raised its GAAP EPS guidance to between $6.65 and $6.95 and adjusted EPS guidance to $13.90 to $14.20.
Liam Kelly, Teleflex’s Chairman, President, and CEO, noted the company’s progress, stating, “In the third quarter, we delivered year-over-year margin expansion and continued adjusted operating income growth. The benefits of our diversified portfolio were evident as strong performances from Interventional and Vascular Access helped offset unexpected softness in OEM revenues.” He also highlighted the ongoing integration of Palette Life Sciences AB and announced a $500 million share repurchase authorization, including a $200 million accelerated share program.
Additionally, Teleflex declared a quarterly cash dividend of $0.34 per share of common stock, payable on December 16, 2024, to shareholders recorded by November 15, 2024. The company maintains a strong cash flow and a net leverage of 1.7x, providing balance sheet flexibility to support its M&A strategy and further growth initiatives.
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