Operating profits up for Teleflex’ marine biz
LIMERICK, Pa. – Teleflex Inc. (NYSE:TFX) saw some improvements in its marine business during the fourth quarter ended Dec. 31, it reported in a statement yesterday. The company manufactures steering systems and controls for the boating market.
“Our marine business delivered a solid performance in the quarter, with increased aftermarket and international sales and strong operating profit improvement,” said Jeffrey P. Black, chairman and chief executive officer of Teleflex.
However, due to a weak North American truck market, the company’s Commercial Segment – of which its marine business is a part – saw its revenues decline to $102.5 million, a 5-percent drop compared to the prior year.
A 9-percent benefit from acquisitions and a 5-percent benefit from currency translation was more than offset by a decline of 19 percent in core growth for the segment. The decline in core growth primarily resulted from a significant decline in sales of auxiliary power units and related products in the power systems business when compared to the record sales and profits posted in the fourth quarter of 2006, Teleflex commented. Segment operating profit was $5.0 million, compared to $8.3 million in the prior year quarter. Segment operating margins declined to 4.9 percent from 7.7 percent in the prior year.
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