Covance Beats on the Top and Bottom Lines
Contract services provider Covance 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.
The article Covance Beats on the Top and Bottom Lines originally appeared on Fool.com.Fool contributor Rich Duprey has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.