WAYNE, Pa.--(BUSINESS WIRE)--Teleflex Incorporated (NYSE: TFX) (the “Company”) today announced financial results for the first quarter ended April 2, 2017.
First quarter 2017 net revenues were $487.9 million, an increase of 14.8% compared to the prior year period. Excluding the impact of foreign currency exchange rate fluctuations, first quarter 2017 net revenues increased 16.0% over the year ago period.
First quarter 2017 GAAP diluted earnings per share from continuing operations decreased 17.1% to $0.87, as compared to $1.05 in the prior year period. The decrease in GAAP diluted earnings per share from continuing operations is due to costs incurred associated with the acquisition of Vascular Solutions. First quarter 2017 adjusted diluted earnings per share from continuing operations increased 18.4% to $1.80, compared to $1.52 in the prior year period.
“Following a solid fourth quarter performance to end 2016, I am pleased to report that the Company is off to a strong start in 2017, aided in part by the additional shipping days in the quarter as compared to the first quarter of 2016,” said Benson Smith, Chairman and Chief Executive Officer. “During the first quarter, the strength in our business was broad-based, covering several of our operating segments. This includes our recent acquisition of Vascular Solutions which contributed meaningfully to our revenue growth during its partial quarter of ownership, accounting for approximately 5% of our total company revenue growth.”
Added Mr. Smith, “We are pleased with our performance in the first quarter and remain confident in our outlook for 2017 and are reaffirming our full year constant currency revenue growth guidance range, while increasing our full year adjusted earnings per share guidance range.”
