Thu, Oct 31, 3:39 PM (63 days ago)
Teleflex Incorporated (NYSE: TFX) reported its Q3 2024 results with net revenues of $764,375, up 2.4% year-over-year. Gross profit increased to $430,172, reflecting improved gross margins (56.3%) driven by price increases and efficiencies, despite ongoing inflationary pressures. Operating income from continuing operations fell to $149,311, impacted by higher selling, general, and administrative expenses, particularly due to costs from the Palette acquisition and IT upgrades. A significant pension settlement charge of $132,732 was recognized due to the termination of the Teleflex Retirement Income Plan. Cash flow from operations rose to $435,624, largely due to favorable operating results and inventory management. However, cash used in financing activities, including a $200 million stock repurchase, totaled $302,810. The company faces uncertainties from the Italian payback measure, having increased reserves by $19.8 million, and potential impairment risks in its Interventional Urology segment due to lower-than-expected sales. Overall, Teleflex aims to enhance operational efficiency and growth through ongoing restructuring initiatives and strategic acquisitions.