ICON Q3 Profit Tops Estimates; Lifts Annual Earnings Outlook Above Street View

(RTTNews) - ICON plc (ICLR) Wednesday said its third-quarter net profit surged on the back of higher revenues and margins. Earnings beat analysts' expectations, while revenues fell short.

Net profit increased to $50.3 million or $0.79 per share, from $27.8 million or $0.45 per share in the previous year. On average, fourteen analysts polled by Thomson-Reuters estimated earnings to be $0.70. Analysts' estimates typically exclude one-time items.

ICON's revenues grew 14.1 percent to $388 million, from $339.8 million last year. Analysts' projected revenues to be $391.12 million.

The company increased its annual earnings guidance to $2.74 - $2.79 per share from the previous guidance range of $2.62 - $2.68 per share.

It narrowed its revenue guidance for the year to $1.49 billion - $1.51 billion from previous guidance of $1.49 billion - $1.53 billion.

Analysts expect full year earnings of $2.63 on revenues of $1.51 billion.