MORRISVILLE – Syneos Health Inc. (SYNH) on Thursday reported third-quarter net income of $58.9 million, after reporting a loss in the same period a year earlier.
The Morrisville, North Carolina-based company said it had net income of 56 cents per share. Earnings, adjusted for one-time gains and costs, were 87 cents per share.
“Our third quarter results reflect continued year-over-year growth in both segments and strong interest from customers of all sizes in our ability to design and implement integrated solutions,” said Alistair Macdonald, CEO of Syneos, which used to be known as INC Research.
“We are excited to see the market momentum associated with our unique Syneos One product development model validated by another significant preferred provider relationship award. We believe we are well positioned to drive growth throughout the remainder of 2019 and beyond with a healthy RFP flow and pipeline, and look forward to continuing to help our customers accelerate the delivery of therapies worldwide.”
The results topped Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 83 cents per share.
The clinical research company posted revenue of $1.18 billion in the period, which met Street forecasts.
Syneos Health expects full-year earnings in the range of $3.17 to $3.27 per share.
Syneos Health shares have risen 37% since the beginning of the year. The stock has risen 22% in the last 12 months.