Contract research firm ICON Plc. (ICLR) Wednesday reported a minor decline in second-quarter profit, hurt by non-recurring charges. Earnings per share, however, was flat in comparison with the year-ago quarter. Excluding special items, earnings came in above analyst estimates. The company also provided pro forma earnings guidance range for fiscal 2009 that exceeded consensus, though lowering its previous revenue forecast range below the expectation of analysts.
For the second quarter, net income marginally decreased to $18.53 million from $18.82 million in the previous year. Earning per share was $0.31, flat from the past year.
The results of the latest quarter included restructuring costs of $13.4 million, a credit from government incentive payments and tax credits of $4.7 million, resulting in net charges of $4.2 million. Excluding items, net income for the second quarter of 2009 was $22.8 million or $0.38 a share.
On average, 14 analysts polled by Thomson Reuters expected the company to report earnings of $0.34 per share in the second quarter. Analysts' estimates typically exclude special items.
Gross revenue for the period declined to $300.97 million from $316.59 million in the second quarter of the prior fiscal year. Net revenues, obtained after deducting reimbursable expenses, rose 1% year-over-year to $220 million from $218.3 million. Twelve analysts were looking for revenue of $226.43 million in the second quarter.
For the first half of fiscal 2009, net income grew to $39.47 million or $0.66 per share from $35.72 million or $0.59 per share last year.
Before one-time charges, six-month net income surged to $43.7 million or $0.73 per share from $35.7 million or $0.59 per share in the previous year.
Gross revenue for the six-month period improved to $619.51 million from $600.44 million. Net revenues increased 5% to $439.83 million from $419.64 million in the same period in 2008.
Looking ahead, for fiscal 2009, the company expects EPS before one-time net charges to range from $1.38 to $1.44. The company lowered its earlier revenue guidance range to $880 million - $900 million from $930 - $980 million. Also, in January, the company projected EPS to range between $1.40 and $1.52 for 2009.
ICLR closed Tuesday's regular trading hours at $22.98 on the NASDAQ.
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