Icon climbs after raising full-year forecasts

Irish drug development and research company Icon PLC on Tuesday raised its 2008 profit and revenue expectations for the second time in three months, and its stock reached an all-time high.

After reporting second-quarter results that surpassed Wall Street's estimates, Icon said it now expects a profit of $2.46 to $2.52 per share, with revenue ranging from $870 million to $890 million. It credited strong demand for its global services in revising its forecast.

On average, analysts reporting to Thomson Financial expect a profit of $2.44 per share on $852.7 million in revenue.

The company also said its board declared a 2-for-1 stock split. Holders of record Aug. 8 will receive one new ordinary share or American Depositary Share for each share held.

The news lifted Icon shares $4.68, or 6 percent, to $82.47, and earlier it reached an all-time high of $83.66.

In December, Icon forecast a 2008 profit of $2.27 to $2.36 per share on revenue between $750 million and $770 million. After reporting its first-quarter earnings in April, it raised those expectations to $2.35 to $2.45 per share on revenue of $840 million to $860 million.