Quintiles (NYSE: Q) met Wall Street expectations for revenues but topped those same forecasts in earnings by a penny a share.
The global life science services firm also upped its earnings forecast.
In its quarterly earnings report issued early Thursday, Quintiles reported $1.06 billion in revenue – what analysts polled by Capital IQ had expected.
Revenue increased 13.8 percent from a year ago.
Earnings were $85 million, up 22.6 percent from the same quarter in 2013, or 65 cents per share. Analysts expected 64 cents.
“Quintiles is a story of consistent performance with a focus on industry leadership, and I am proud to report that this story continued in the third quarter of 2014,” said Chief Executive Officer Tom Pike in a statement. “For the third quarter, our consolidated revenue increased by 13.8% compared to the same period last year.
“Further, I am pleased to report that net new business, revenues, and EPS for the third-quarter grew at double-digit rates,” Pike said. “We finished the quarter with revenue growth of 32.6% in our IHS segment, showcasing significant progress. The third quarter net new business allowed Quintiles to keep its industry-leading backlog of $10.75 billion. Our strong performance continues to strengthen our platform which allows us to capitalize on strategic priorities and create value for our customers and investors.”
Quintiles upped its earnings forecast to $2.61-$2.68 from $2.57-$2.67 for the year. Previous consensus from analysts was $2.63.
Quintiles shares traded down 1.3 percent at $57.25 early Thursday. They closed at $57.99 on Wednesday.
Since going public a year ago, Quintiles shares have ranged from $40.10 to $58.89. The company went public at $40 per share.