RALEIGH – PRA Health Sciences Inc. (PRAH) on Wednesday reported first-quarter net income of $56.9 million.
PRA is being sold to ICON with the deal expected to close in coming months.
“I am delighted to report double-digit revenue and earnings growth for the first quarter of 2021,” said Colin Shannon, PRA’s Chief Executive Officer. “The year has started on a strong note and we continue to be well-positioned for the remainder of 2021. We are working diligently preparing to close our merger with ICON, which is anticipated to close in July of this year.”
On a per-share basis, the Raleigh-based life science services company said it had net income of 86 cents. Earnings, adjusted for one-time gains and costs, were $1.35 per share.
The results topped Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.34 per share.
The contract research organization posted revenue of $933.8 million in the period, also topping Street forecasts. Five analysts surveyed by Zacks expected $854.9 million.
PRA Health Sciences shares have increased 32% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $166.09, an increase of 84% in the last 12 months.
