Monday before the bell, Dublin, Ireland-based research services company ICON plc (ICLR) reported a rise in fourth-quarter profit, as revenues rose 22% year-on-year.
Net income increased to $21.03 million or $0.35 per share from $15.88 million or $0.26 per share in the year-ago period.
On average, 12 analysts polled by Thomson Reuters expected the company to post earnings of $0.34 a share in the latest quarter. Analysts' estimates typically exclude one-time gains/losses.
Net revenue climbed 22% to $220.09 million from $180.67 million in the corresponding year-ago quarter, topping analysts' estimate of $218.42 million.
Income from operations rose to $26.47 million from $19.79 million in the same period last year.
Commenting on the latest quarter results, ICON's chief executive officer Peter Gray stated that the company is very satisfied with its performance in the fourth-quarter.
Full-year net income jumped to $78.12 million or $1.30 per share from $55.96 million or $0.94 per share last year.
Net revenue for the year surged 37% to $865.25 million from $630.72 million in the previous year.
Analysts were looking for earnings of $1.28 per share on revenues of $864.94 million for the year.
At the end of fiscal 2008, the company had backlog of $1.74 billion. Looking forward, ICON said it remains positive as well as cautious for fiscal 2009, as the difficult economic climate put some customers under pressure, creating a degree of uncertainty.
ICLR closed Friday's regular trading session at $23.21.
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