Covance Inc. (NYSE:CVD) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company.
Covance Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 25% to $0.75 in the quarter versus EPS of $0.60 in the year-earlier quarter.
Revenue: Rose 1.1% to $580.2 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Covance Inc. reported adjusted EPS income of $0.75 per share. By that measure, the company beat the mean analyst estimate of $0.72. It beat the average revenue estimate of $568.97 million.
Quoting Management: “Significantly higher kit volumes in central laboratories and continued strength in clinical development drove better-than-expected consolidated results in the first quarter, including revenue growth of 9.3%, pro forma operating margin of 9.4%, and pro forma EPS of $0.75,” said Joe Herring, Chairman and Chief Executive Officer. “We continue to win in the marketplace as evidenced by our adjusted net orders of $716 million in the quarter, representing an adjusted net book-to-bill of 1.23 to 1.”
Key Stats (on next page)…