Covance Beats on the Top and Bottom Lines

Contract services provider Covance  (NYSE: CVD  )  reported third-quarter results yesterday after the markets closed, showing that it posted net revenues of $606.7 million, up 11% from the $554.8 million in the same period in the previous year, and easily ahead of the $595.5 million Capital IQ consensus estimate.

Adjusted net income came in at $47.3 million, or $0.83 per share, up 19% from $39.6 million, or $0.72 per share, in the same period in 2012, and $0.04 per share better than the CapIQ estimates of $0.79 per share.

Covance is benefiting from its central lab and clinical development program where revenues grew 26% and 14%, respectively, year over year.

As a result, the contract services provider increased its full-year pro forma earnings per share estimate to $3.20 per share compared to its prior guidance of $3.10 to $3.20, while also anticipating full-year revenue growth of approximately 10%. Analysts peg earnings to come in at $3.17 per share for all of 2013.

link


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2705463, ~/Articles/ArticleHandler.aspx, 10/21/2014 12:25:26 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement