Parexel Q1 Profit Tops Estimate; Revenue Falls Short; See Q2 Below Consensus

(RTTNews) - Parexel International Corp. (PRXL) reported net income for the first quarter of $37.1 million or $0.67 per share, compared to $26.0 million or $0.45 per share for the year-ago quarter.

Excluding items, adjusted net income for the first quarter was $36.3 million or $0.65 per share, compared to $25.8 million or $0.45 per share in the first quarter of last year.

Service revenue for the first quarter increased 9.4% to $491.70 million from $449.25 million in the prior year period.

Analysts polled by Thomson Reuters expected the company to earn $0.58 per share on revenue of $505.62 million for the first quarter. Analysts' estimates typically exclude special items.

Looking forward to the second quarter, the company forecasts revenue of $495 million to $508 million and earnings of $0.56 to $0.62 per share. Analysts currently expect the company to earn $0.66 per share on revenue of $539.08 million for the second quarter.

For the fiscal year 2015, the company now forecasts revenue of $2.07 billion to $2.11 billion, earnings of $2.58 to $2.77 per share and adjusted earnings of $2.56 to $2.75 per share. Previously, the company forecast revenue of $2.13 billion to $2.15 billion and earnings of $2.57 to $2.75 per share.Analysts currently expect the company to earn $2.69 per share on revenue of $2.13 billion for the fiscal year 2015.