Shares of eResearchTechnology Inc. (ERES) are sharply lower in pre-market trading on Friday, dragged down by quarterly results released the previous evening.
The stock is trading at $5.12 at about 8:50 am Eastern Time, compared to Thursday's close of $6.45. With the retreat, eResearchTechnology has dropped below support to reach its lowest level since early December.
The company posted third quarter net income of $6.9 million or $0.13 per share, up from $3.7 million or $0.07 per share in the prior year quarter.
Net revenues for the period were $33.9 million, up from $23.9 million last year.
Looking forward, for the fourth quarter, the company expects net income per share in the range of $0.10 to $0.13. Revenue is estimated to be in the range of $31.0 to $34.0 million Further ahead, for the full year 2008, the company now expects net income per share in the range of $0.47 to $0.50, compared to its previous estimates in the range of $0.46 - $0.49 per share. Revenue is now forecast to range from $134.0 million to $137.0 million, compared to its earlier projection in the range of $133.0 million to $140.0 million.
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