Quintiles (NYSE: Q) beat Wall Street expectations in revenue and earnings with income topping $1.41 billion and profits of 69 cents per share in its latest financial report issued early Thursday.
Plus, the world’s largest life sciences services company projects growth of up to 16 percent per share in 2015.
The growth to close 2014 came despite the increasing value of the dollar – “unfavorable foreign currency impact,” Quintiles called it – of some $33 million.
Earnings were up 27 percent from a year earlier and overall revenue grew by more than 9 percent.
“A year ago, we said Quintiles was entering 2014 positioned for growth and we achieved that goal by delivering an additional $383 million of constant currency service revenue during 2014 representing growth of 10.1%, net new business growth of 14.4%, and diluted adjusted earnings per share growth of 31.1%. These metrics paint a picture of a strong year for Quintiles,” said Quintiles Chief Executive Officer Tom Pike in a statement.
“We are well positioned for the long term with our industry leading backlog. As the leader in biopharmaceutical services, we continue to bring innovative insights and superior delivery of results to the industry to increase the probability of success of our customers. Our 32,000 people are committed to our vision of bringing people and knowledge together for a healthier world.”
Wall Street analysts polled by Thomson Reuters expected $1.07 billion in revenue and 67 cents per share in earnings.
Quintiles said revenues were $1.06 billion in revenues but noted “constant currency” growth, which includes the impact of the stronger dollar, of some $33 million.
Shares in Quintiles closed Wednesday at $60.68. The 52-week high is $62.73, the low $46.27.
- 22.2% growth in net new business compared to the fourth quarter of 2013 representing a book-to-bill ratio of 1.49
- 9.3% constant currency service revenue [accounting for foreign currency headwinds] growth compared to the fourth quarter of 2013
- Fourth quarter diluted adjusted EPS increased 29.1% to $0.71 per share compared to the fourth quarter of 2013
- Fourth quarter GAAP reported diluted EPS increased 25.5% to $0.69 per share compared to the fourth quarter of 2013
- Full year 2015 service revenue guidance of 7.5% to 9.0% constant currency growth compared to full year 2014 and diluted adjusted EPS guidance of $3.02 – $3.13 per share, representing diluted adjusted EPS growth of 12% to 16% compared to full year 2014
Full details are available at: http://www.businesswire.com/news/home/20150212005300/en/Quintiles-4th-Quarter-2014-Results-2015-Guidance#.VNyomPl4rZk