PRA Health Sciences Reports Earnings Above Expectations

10/25/17

By Addison Lalier, NC BIZ News

PRA Health Sciences Inc., a global contract research organization, reported third-quarter earnings Wednesday that beat analyst expectations, and it offered guidance for the year above Wall Street estimates.

The company reported adjusted net income of $57.9 million, or 88 cents per diluted share, a 37.5 percent increase from earnings of 64 cents per share in the third quarter of 2016.

Analysts expected earnings of 85 cents per share.

Total revenue, including service revenue and reimbursement revenue, increased 28.4 percent to $582 million from $453.2 million in last year’s third quarter.

“We are pleased with our financial results for the quarter and are well positioned for a strong finish to 2017,” said CEO Colin Shannon in a statement. “During the quarter we finalized the acquisition of Symphony Health Solutions and started the integration process, we delivered significant revenue and earnings growth, and we delivered another quarter of strong new business wins.”

The Raleigh-based company updated its full year 2017 guidance. It expects revenue to fall between $1.914 billion and $1.926 billion, and adjusted net income per diluted share to increase between $3.28 per share and $3.35 per share.

Analysts are currently expecting revenue of $1.91 billion and earnings of $3.20 per share.

PRA Health Sciences is one of the world’s leading global contract research organizations by revenue. The company offers over 70 offices and 15,000 employees worldwide.

Its stock rose $2.01 to $82.50 in after-market trading on Wednesday evening.

The filing can be found here.

Recent Deals

Interested in advertising your deals? Contact Edwin Warfield.