Icon climbs after 2Q profit tops estimates

Drug development and research company Icon PLC reported stronger-than-expected second quarter results Tuesday, as its profit grew 41 percent for the period.

The Dublin-based company earned $18.8 million, or 62 cents per American Depositary Share, compared with $13.3 million, or 45 cents per ADS a year ago. Icon's revenue increased 48 percent, to $218.3 million from $147 million.

Both results surpassed analyst expectations. Thomson Financial reported that analysts expected profit of 59 cents per share on $209.3 million in revenue, on average.

Icon's revenue has increased 48 percent through the first six months of 2008.

Based on the results, the company raised its profit and revenue outlook for the full year. It shares rose $4.55, or 5.9 percent, to $82.34, in midday trading after earlier reaching an all-time high of $83.66.