INC Research Boosts FY15 Earnings Outlook To Reflect Share Repurchase

(RTTNews) - INC Research Holdings, Inc. (INCR) said Thursday that it has completed the secondary public offering of 8.05 million shares of its Class A common stock by its existing shareholders and the repurchase of about 5.05 million shares of its Class A common stock.

The company also announced the refinancing of its credit facility through entry into a new $675 million senior secured credit facility, or Senior Credit Facility, consisting of a $525 million term loan and a revolving credit facility of $150 million.

The company updated its full year 2015 guidance to reflect the impact of the repurchase of about 5.05 million shares of its Class A common stock and the additional borrowings under its Senior Credit Facility.

For the full year 2015, the company now expects net service revenue of $880 million to $905.0 million, earnings of $1.15 to $1.31 per share and adjusted earnings of $1.45 to $1.57 per share. Previously, the company forecast net service revenue of $880 million to $905.0 million, earnings of $1.13 to $1.29 per share and adjusted earnings of $1.40 to $1.52 per share.

Analysts polled by Thomson Reuters currently expect the company to earn $1.51 per share on revenue of $893.64 million for the full year 2015. Analysts' estimates typically exclude special items.