PAREXEL International Corp. (PRXL) Tuesday reported first-quarter profit of $29.5 million or $0.50 per share, up from $22.9 million or $0.38 per share in the same period last year.
Adjusted earnings for the quarter was $29.5 million or $0.50 per share. On average, 10 analysts polled by Thomson Reuters expected the company to earn $0.40 per share for the quarter. Analysts' estimates typically exclude special items.
Service revenue increased 27.7 percent to $454.5 million from $356.0 million last year. Analysts expected revenues of $438.10 million.
Looking ahead to the fourth-quarter, the company has forecast earnings in the range of $0.40 to $0.44 per share, with revenues in the order of $449.0 million to $459.0 million. Analysts currently expect the company to earn $0.43 per share on revenues of $449.49 million for the quarter.
For the fiscal 2013 the company raised its earnings outlook to a range of $1.51 to $1.55 per share from previous guidance range of $1.39 to $1.47 per share. Full-year adjusted earnings is currently projected in a range of $1.60 to $1.64 per share, up from $1.48 to $1.56 per share, announced previously.
Full-year revenues are expected to range between $1.72 billion and $1.73 billion. This compares to the previous guidance range of $1.70 billion to $1.71 billion. Analysts currently expect the company to report full-year earnings of $1.52 per share on revenues of $1.70 billion.
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