ICON Plc (ICLR) Tuesday said fourth-quarter profit surged to $20.7 million or $0.34 per share from $4.1 million or $0.07 per share in the same period last year.
Adjusted earnings for the period was $60.4 million or $1.00 per share. On average 12 analysts polled by Thomson Reuters expected the company to earn $0.33 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues totaled $300 million, up 24 percent from $242.62 million last year. Analysts expected revenues of $291.96 million.
Looking ahead, the company has raised its full-year earnings guidance, reflecting acquisition of the clinical trial service division of Cross Country Healthcare, Inc.
The company currently projects full-year earnings in a range of $1.44 to $1.60 per share, up from previous guidance range of $1.40 to $1.55 per share. Revenues are forecast in a range of $1.26 billion to $1.29 billion, up from $1.21 billion to $1.24 billion announced previously.
Analysts, based on consensus, currently expect the company to report full-year earnings of $1.49 per share on revenues of $1.24 billion.
The company also said it has completed previously announced sale of its clinical trial services business for $52 million, plus an earn-out of up to $3.75 million related to certain performance-based milestones.
Cross Country Healthcare used a portion of the net proceeds from this transaction to repay all $29.3 million of its outstanding bank debt.
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