Quintiles Q1 Profit Climbs, Tops View; Backs FY16 Forecast - Quick Facts

(RTTNews) - Biopharmaceutical services company Quintiles Transnational Holdings Inc. (Q), which is in deal to be merged with IMS Health Holdings, Inc. (IMS), reported Tuesday that its fist-quarter net income attributable to the company was $106.67 million or $0.88 per share, higher than last year's $86.40 million or $0.68 per share last year.

Adjusted net income was $108.28 million or $0.89 per share, compared to $91.24 million or $0.72 per share last year.

On average, 18 analysts polled by Thomson Reuters expected earnings of $0.86 per share. Analysts' estimates typically exclude special items.

Total revenues increased to $1.49 billion from $1.35 billion last year. Service revenues were $1.11 billion, a growth of 7.6 percent from $1.03 billion last year. Analysts were looking for revenues of $1.12 billion.

The new business bookings were impacted by some customer decisions that were delayed into the second quarter, while it had a strong April and sales pipeline remains strong, the company said.

Looking ahead, the company reaffirmed its full year 2016 constant currency service revenue growth guidance of a range of between 7.0 percent and 8.5 percent, and adjusted earnings per share of $3.70 to $3.85 per share, representing growth of 11.1 percent to 15.6 percent. Reported earnings per share are expected between $3.52 and $3.70.

Analysts expect earnings of $3.78 for the year.

The outlook does not reflect the potential impact of any future equity repurchases or the announced merger agreement with IMS Health.