WAYNE, PA — Teleflex Incorporated (NYSE: TFX) has announced its financial results for the second quarter ending June 30, 2024, showing a slight increase in revenue and a stable adjusted EPS.
Second Quarter Financial Summary:
- GAAP revenue rose by 0.9% to $749.7 million compared to the same period last year.
- Adjusted revenue reached $763.5 million, up 2.7% from the previous year, excluding impacts from the Italian payback measure.
- GAAP diluted EPS from continuing operations dropped to $1.69, down from $2.35 in the prior year.
- Adjusted diluted EPS from continuing operations remained stable at $3.42, compared to $3.41 last year.
2024 Guidance Update:
The company has adjusted its full-year guidance:
- GAAP revenue growth is now expected to be between 3.40% and 4.40%.
- Adjusted constant currency revenue growth is forecasted to range from 4.25% to 5.25%.
- GAAP EPS from continuing operations is revised down to a range of $6.43 to $6.83.
- Adjusted diluted EPS from continuing operations is adjusted upwards to $13.80 to $14.20.
Share Repurchase Program:
Teleflex’s Board of Directors has authorized a share repurchase program worth up to $500 million. This includes an accelerated share repurchase of $200 million, starting on August 2, 2024.
CEO’s Remarks:
Liam Kelly, Chairman, President, and CEO of Teleflex, highlighted the company’s strategic focus on durable revenue growth. “Revenue momentum for Barrigel remained strong, and we continued to be on track with our integration of Palette Life Sciences AB,” said Kelly. He emphasized the company’s confidence in its long-term growth profile and the ability to create significant shareholder value.
Other Financial Highlights:
- Depreciation and amortization expenses for the first half of 2024 totaled $135.9 million, up from $122.0 million last year.
- Cash and cash equivalents at the end of June 2024 stood at $238.6 million, compared to $222.8 million at the end of December 2023.
- Net accounts receivable and inventories showed slight increases.
Dividend Announcement:
Teleflex also declared a quarterly cash dividend of $0.34 per share, payable on September 16, 2024, to shareholders of record as of August 15, 2024.
For the latest news on everything happening in Chester County and the surrounding area, be sure to follow MyChesCo on Google News and MSN.