Quintiles Q2 Profit Rises, Surpasses Estimates; Raises FY Outlook - Quick Facts

(RTTNews) - Quintiles Transnational Holdings Inc. (Q), which helps pharma companies bring their drugs to market, Thursday reported second-quarter net earnings which increased, as service revenues grew thanks to higher volumes in clinical solutions and global labs as well as contribution from the Novella acquisition.

Earnings also topped analysts' estimates. In addition, the company raised its annual earnings and service revenues outlook.

For the three months to June, net earnings were $85.1 million or $0.64 per share, up from $38.35 million or $0.30 per share a year ago.

Excluding certain items, earnings totaled $85.72 million or $0.65 per share, compared with $62.92 million or $0.50 per share a year earlier.

On average, nineteen analysts polled by Thomson-Reuters estimated the company's earnings to be $0.61 for the quarter. Analysts' estimates typically exclude one-time items.

Adjusted EBITDA stood at $171.79 million, compared with $149.08 million a year earlier.

Quarterly revenues increased to $1.34 billion from $1.29 billion in the same period last year. Analysts expected revenues of $1.03 billion.

For the full year, the company expects earnings of $2.49 and $2.61 per share, and adjusted earnings of $2.57 to $2.67 per share, on service revenues of $4.20 billion and $4.24 billion.

The company had previously projected earnings of $2.38 and $2.52 per share, and adjusted earnings of $2.45 and $2.58 per share, on service revenues of $4.13 billion and $4.19 billion.

Analysts expect annual earnings of $2.56 per share on revenues of $4.15 billion.