swung to a fourth-quarter profit, aided by lower restructuring charges and a strong performance by its aerospace segment.
The Pennsylvania-based speciality engineering products maker earned $35.5 million, or 87 cents a share, compared with a loss of $71.6 million, or $1.77 a share, a year ago. Adjusted for special charges and gain on sale of assets, income from continuing operations for the quarter was $40.1 million, or 98 cents a share, in the most recent quarter. Analysts polled by Thomson First Call were expecting earnings of 92 cents a share in the recent quarter.
Sales for the quarter rose to $646.6 million from $645.0 million, but missed the analysts' estimates of $652.65 million.
The company expects an earnings before restructuring charges and options expense of $4.05 to $4.25 a share for the full year. The analysts' estimates were $4.02 a share.
The aerospace segment's revenue rose 18% to $138.9 million and its operating profit was $13.4 million, compared with a loss of $9 million a year ago. The commercial segment revenue increased one percent to $301 million, while the medical segment saw a decrease in its revenue by 5% to $35.1 million.
"We executed on our strategic initiatives during the year including portfolio transition and restructuring programs designed to improve our competitive position, solidify our platform for future growth, and unlock shareholder value," the company said.
Shares of Teleflex closed Monday, down 45 cents at $63.99.
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