Kendle International Inc. (KNDL), a clinical research organization, Monday lowered its earnings guidance for fiscal year 2008, and also lowered its revenue outlook, citing a strong US dollar eroding its net service revenues.
For fiscal year 2008, the Cincinnati, Ohio-based company now expects to report earnings within a range of $2.12 per share - $2.20 per share. The company had earlier issued a forecast in the range of $2.10 per share - $2.25 per share.
On average, 11 analysts polled by First Call/Thomson Financial currently expect the company to report earnings of $0.20 per share for 2008. Analysts' estimates typically exclude one-time special items.
For fiscal year 2008, the company now anticipates net service revenues within a range of $475 million - $480 million, down from the previous forecast estimated in the range of $485 million - $500 million. Wall Street analysts currently expect revenue of $488.02 million for 2008.
Kendle indicated that it expects to report a fourth quarter net book-to-bill ratio of approximately 1.3 to 1.
The company intends to report its next financial update for the fourth quarter and full year on February 25.
KNDL is currently trading at $19.99, down $0.79 or 3.80% on the Nasdaq.
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