LIMERICK, Pa. – Teleflex Inc. (NYSE:TFX) said its Marine and Industrial sales improved in the first quarter ended March 28, 2004, as a result of higher volume in both the marine OEM and aftermarket coupled with increases in sales of products for industrial vehicle markets, a company press release reported yesterday.
Company revenues in the first quarter increased 17 percent to $638.0 million compared to $546.2 million for the first quarter of 2003, Teleflex said.
For the quarter, Commercial segment sales were $350.8 million, an increase of 17 percent over the same period last year. Segment results included double-digit revenue gains for products in all three markets, Automotive, Marine and Industrial.
"Overall, Teleflex delivered a solid performance in the first quarter," said Jeffrey P. Black, Teleflex president and chief executive officer. "We had broad-based revenue improvement with increases in the Commercial, Medical and Aerospace segments and earnings were in line with our plans for the year. Orders for the company overall were up 23 percent on strong growth in both the Commercial and Medical segments."
Net income in the quarter increased to $29.5 million compared to $29.2 million in the prior year. Diluted earnings per share were 73 cents compared with 74 cents for the same period a year ago. In the first quarter of 2003, results included a 5-cent per share gain from the sale of an investment.