Quintiles (NYSE: Q) on Thursday reported fourth-quarter profit of $104.6 million and is projecting more growth in 2016.

The Durham, North Carolina-based company said it had net income of 85 cents per share. Earnings, adjusted for one-time gains and costs, were 90 cents per share.

The results topped Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of 87 cents per share.

The clinical testing company posted revenue of $1.13 billion in the period, which met Street forecasts.

“We are pleased to have achieved another year of consistent growth in 2015, having delivered 9 percent constant currency revenue growth, 23.3 percent  diluted adjusted earnings per share growth, and a consolidated book-to-bill of 1.23,” said Quintiles Chief Executive Officer Tom Pike in a statement.

“As expected, our Product Development segment delivered a strong fourth quarter, with 12.1 percent constant currency revenue growth and a 1.30 book-to-bill ratio. We believe we are well-positioned for the long-term with our $12.04 billion of backlog.”

[Note: Constant currency takes into consideration currency exchanges rates. A stronger dollar is cutting into earnings for U.S. companies.]

For the year, the company reported profit of $387.2 million, or $3.08 per share. Revenue was reported as $4.33 billion.

Quintiles expects full-year earnings in the range of $3.70 to $3.85 per share.

Quintiles shares have fallen 15 percent since the beginning of the year. The stock has decreased nearly 3 percent in the last 12 months.

Highlights from the earnings report as noted by Quintiles:

  • 9.4% constant currency service revenue growth compared to the fourth quarter of 2014
  • $0.90 diluted adjusted EPS representing 26.8% growth compared to the fourth quarter of 2014, fourth quarter GAAP reported diluted EPS of $0.85
  • Net new business of $1.49 billion in the fourth quarter of 2015, representing a 1.32 book-to-bill ratio and increasing backlog to $12.04 billion as of December 31, 2015
  • $265 million of share repurchases during the fourth quarter of 2015
  • Full year 2016 service revenue guidance of 7.0% to 8.5% constant currency growth compared to full year 2015 and diluted adjusted EPS guidance of $3.70 to $3.85 per share, representing growth of 11.1% to 15.6% compared to full year 2015

Read the full earnings report at:

http://www.quintiles.com/~/media/files/investor%20news/4q15%20earnings%20press%20release%20final%2011%20february%202016.pdf