PPD Q4 Results Top Estimates

(RTTNews) - PPD Inc. (PPD) reported that its fourth-quarter net income attributable to common stockholders significantly increased to $73.1 million or $0.20 per share from $6.8 million or $0.02 per share last year.

Adjusted net income was $141.0 million or $0.39 per share, compared to $92.2 million or $0.33 per share in the previous year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.36 per share for the fourth-quarter. Analysts' estimates typically exclude special items.

Revenue for the quarter increased 30.3% to $1.36 billion from $1.05 billion in the prior year. Analysts expected revenue of $1.28 billion for the quarter.

Looking ahead for the first quarter 2021, the company expects adjusted earnings per share to be in the range of $0.30 to $0.32, revenue of $1.277 billion to $1.302 billion. Analysts expect the company to report earnings of $0.32 per share and revenues of $1.23 billion for the first-quarter.

For 2021, the company projects adjusted earnings per share in the range of $1.37 to $1.45, and revenue of $5.145 billion to $5.304 billion. Wall Street currently is looking for fiscal year 2021 earnings of $1.39 per share on annual revenues of $5.06 billion.