RALEIGH – PRA Health Sciences saw a 9 percent growth in revenue in the third quarter and reported earnings that beat estimates, the company reported Wednesday.
“Our third quarter financial results produced solid revenue growth and double digit earnings growth. We look forward to continuing to position PRA for success in the future,” said CEO Colin Shannon.
The third quarter revenue reached $780.7 million, exceeding the estimated $773.3 million according to Bloomberg data.
Revenue for the past nine months was $2.27 billion, up 6 percent as compared to the same nine months in 2018.
PRA (Nasdaq: PRAH) reported adjusted earnings per share for the quarter of $1.32 and adjusted net income of $87.2 million. Bloomberg’s consensus estimated the adjusted earnings per share of $1.28 for the quarter.
PRA maintained its forecast for full year 2019 revenue of between $3.02 billion and $3.10 billion. The company also update its adjusted earnings per diluted share view to between $5.07 and $5.12, a growth of 18 percent to 20 percent.
PRA Health Sciences is a full-service global contract research organization, operating in 90 countries with more than 16,000 employees. Shares of PRA closed at $98.86 on Wednesday, down 58 cents.
This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s Hussman School of Journalism and Media.
