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Teleflex Q4'17 earnings rise YOY; provides outlook for 2018

Wayne, Pa.-based Teleflex Inc. said its 2017 fourth-quarter adjusted net income was $2.44 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of $2.40 per share.

EPS rose from $2.13 in the prior-year period.

On an aggregate basis, adjusted net income totaled $113.7 million, up from $97.5 million in the prior-year period.

Net revenues rose 12.6% year over year on a constant currency basis to $595.1 million.

On a GAAP basis, the healthcare equipment maker reported a loss of $42.7 million, or 91 cents per share, compared with income of $61.1 million, or $1.30 per share, in the prior-year period.

Teleflex attributed the GAAP earnings loss to a $107.9 million tax expense related to the recently implemented U.S. tax reform law.

Full-year Results

For full year 2017, the company's adjusted net income totaled $8.40 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of $8.36.

EPS rose from $7.34 in the prior-year period.

Aggregate adjusted net income was $389.5 million, an increase from $334.8 million in the prior-year period.

Year-to-date net revenue increased 14.1% year over year on a constant currency basis to $2.15 billion.

On a GAAP basis, net income decreased to $152.5 million, or $3.27 per share, in 2017, from $237.4 million, or $4.98 per share, in 2016.

2018 Guidance

In 2018, Teleflex expects to report adjusted EPS of $9.55 to $9.75 and GAAP EPS of $7.10 to $7.20.

The S&P Capital IQ normalized EPS consensus estimate for 2018 is $9.64.

On a constant currency basis, the company estimates that revenues for full-year 2018 will increase 12% to 13% over 2017.