PPD beats Wall Street estimates on earnings, revenue
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Local Tech Wire
WILMINGTON, N.C. – Pharmaceutical Product Development (Nasdaq: PPDI) finished 2009 with revenues and earnings that beat analysts’ expectations on Wall Street.
PPD reported Monday that it earned 24 cents a share on revenues of $357.4 million in the final quarter of 2009.
Analysts polled by Thomson Reuters had expected earnings of 23 cents and revenues just over $314 million.
However, a series of contract cancellations worth nearly $285 million from its pharmaceutical partners were higher than expected. Plus, profits did decline to $18.9 million from $47.2 million a year earlier. Revenues declined slightly from $357 million.
The results did drive down PPD shares a bit in after-hours trading.
“Although fourth quarter cancellations and adjustments were higher than anticipated, we delivered strong operating cash flow during the quarter and we are continuing to establish new strategic outsourcing partnerships,” Chief Executive Officer David Grange said in a statement.
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