ICON plc Earnings: Here’s Why the Stock is Rising Now
ICON plc (NASDAQ:ICLR) 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. Shares are up 0.21%.
ICON plc Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 385.71% to $0.34 in the quarter versus EPS of $0.07 in the year-earlier quarter.
Revenue: Rose 23.73% to $300.2 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: ICON plc reported adjusted EPS income of $0.34 per share. By that measure, the company beat the mean analyst estimate of $0.33. It beat the average revenue estimate of $291.96 million.
Quoting Management:CEO Ciaran Murray commented, “In 2012 we saw the validation of our investment strategy as we won a record $1.6 billion of new business and reported milestone revenue of $1.12 billion and EPS of $1.00. Backlog grew 20% to $2.8 billion, which along with continuing investment in capabilities, talent and innovation in drug development, provides a solid foundation for further growth in 2013.”
Key Stats (on next page)…
Revenue increased 5.15% from $285.5 million in the previous quarter. EPS increased 17.24% from $0.29 in the previous quarter.
Looking Forward: Analysts have a more positive outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has risen from a profit of $0.32 to a profit $0.33. For the current year, the average estimate is a profit of $0.98, which is the same with that ninety days ago.
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)