Will Wall Street react favorably to the latest money news from Quintiles and send the Durham-based life science giant’s stock to record highs?
Quintiles (NYSE: Q) beat Wall Street analysts’ expectations for revenue and earnings in the second quarter despite the impact of a stronger dollar on its overseas business.
In its earnings report issued early Wednesday before the markets opened, Quintiles reported revenues of $1.07 billion, topping the $1.05 billion as expected by analysts polled by Zacks.
Excluding one-time and other charges, earnings hit 78 cents per share vs. expectations of 70 cents.
Earnings were up 20 percent compared to the same quarter a year ago, and revenue climbed nearly 10 percent based on constant currency calculations.
However, the stronger dollar shaved more than $60 million off Quintiles’ revenue.
Quintiles shares closed at $76.75 on Tuesday, up $2.17 or nearly 3 percent.
Its record high is $77.21.
So far this year, Quintiles shares have risen more than 30 percent.
“Our industry-leading position and advantages delivered a strong book-to-bill of 1.23 this quarter and $2.7 billion of new business in the first half of the year,” said Chief Executive Officer Tom Pike in a statement. “Strong IHS service revenue growth at 22.9% at constant currency, coupled with a strong quarter from Product Development, delivered solid diluted adjusted earnings per share of $0.78.”
For more on the earnings, see: http://www.businesswire.com/news/home/20150729005260/en/Quintiles-2nd-Quarter-2015-Results#.VbisEflViko