Inc. Research Holdings Inc. announced third-quarter earnings on Monday that topped analysts’ consensus estimate, and the company raised its full-year guidance, according to a filing with the Securities and Exchange Commission.
Inc reported third-quarter earnings of 64 cents per share, 1 cent better than analysts’ estimate of 63 cents, according to StreetInsider.com. Revenue for the quarter came in at $259.56 million, slightly missing the consensus estimate of $259.89 million.
The company saw “net new business awards” of $330.1 million for the quarter, compared to awards of $327.7 million for the previous quarter.
The company added that its business awards were higher in the first nine months of 2016, compared to the first nine months of 2015, primarily due to growth of the company’s CNS therapeutic area.
Inc. Research(Nasdaq: INCR) also updated its guidance for the full year of 2016, where it now expects earnings to fall between $2.48 and $2.52 per share, a slimmer range and above prior guidance of $2.39 to $2.50 per share and should top analysts’ consensus estimate of $2.48 per share.
Shares of the company were seen moving up as much as 2 percent in pre-market trade on Monday. The stock closed at $41.45 on Oct. 28, down nearly 13 percent from a recent high of $47.40 on Oct. 21.
“Inc. Research continues to deliver on our business strategy, achieving strong revenue growth and net new business awards for the third quarter,” Chief Executive Officer Alistair Macdonald said in a statement. “Our ability to build strategic relationships with biopharmaceutical customers in critical drug development regions across the globe is increasingly being recognized.”
Inc. Research is a global contract research organization that provides a full range of Phase I to Phase IV clinical development services for the biopharmaceutical and medical device industries. The firm aims to connects customers, clinical research sites and patients in order to accelerate the delivery of new medicines to market.
Inc. Research is headquartered in Raleigh, with operations across six continents and experience spanning more than 110 countries, according to its website.
Note: This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism