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.
