PAREXEL Q2 Earnings Top Estimates, Revenues Miss; Sees Higher Margin In Q4

(RTTNews) - PAREXEL International Corp. (PRXL), a biopharmaceutical outsourcing services company, reported late Wednesday that its second-quarter net income totaled $21.8 million, or $0.41 per share, compared to $39.4 million, or $0.73 per share last year.

Adjusted net income was $45.0 million or $0.85 per share, compared to $48.7 million, or $0.90 per share a year ago.

On average, 17 analysts polled by Thomson Reuters expected earnings of $0.84 per share for the quarter. Analysts' estimates typically exclude special items.

PAREXEL's service revenue increased 3.1% to $534.4 million from $518.5 million last year. Analysts expect revenues of $537.3 million for the quarter.

Looking ahead, the company said it expects significant improvement in adjusted operating margin in the fourth quarter of fiscal year 2017 and beyond.