Earnings reports: Syneos, Biogen, Martin Marietta, Albemarle, Sonic Automotive, Investors Title

RESEARCH TRIANGLE PARK – Earnings reports are out for numerous North Carolina firms as well as Biogen which has a large campus in RTP. Here’s a roundup.

Syneos

MORRISVILLE — Syneos Health Inc. (SYNH) on Thursday reported fourth-quarter net income of $55.5 million.

On a per-share basis, the Morrisville, North Carolina-based company said it had net income of 54 cents. Earnings, adjusted for non-recurring costs and stock option expense, were $1.23 per share.

The results topped Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.18 per share.

The clinical research company posted revenue of $1.36 billion in the period, also beating Street forecasts. Five analysts surveyed by Zacks expected $1.29 billion.

For the year, the company reported profit of $266.5 million, or $2.58 per share. Revenue was reported as $5.39 billion.

Syneos Health expects full-year earnings in the range of $3.26 to $3.53 per share, with revenue in the range of $4.97 billion to $5.18 billion.

Albemarle

CHARLOTTE – Albemarle Corp. (ALB) on Wednesday reported fourth-quarter net income of $1.13 billion, after reporting a loss in the same period a year earlier.

The Charlotte, North Carolina-based company said it had profit of $9.60 per share. Earnings, adjusted for non-recurring gains, came to $8.62 per share.

The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $8.46 per share.

The specialty chemicals company posted revenue of $2.62 billion in the period, missing Street forecasts. Four analysts surveyed by Zacks expected $2.63 billion.

For the year, the company reported profit of $2.69 billion, or $22.84 per share. Revenue was reported as $7.32 billion.

Albemarle expects full-year earnings in the range of $26 to $33 per share, with revenue in the range of $11.3 billion to $12.9 billion.

Albemarle shares have risen 26% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $272.79, a rise of 13% in the last 12 months.

Biogen

Biogen closed 2022 with a better-than-expected fourth quarter, as more cost cutting helped counter sales declines for some key treatments.

The drugmaker said Wednesday that total cost and expenses fell 17% in the quarter, and Biogen’s bottom line grew nearly 50% to $550.4 million.

Adjusted earnings totaled $4.05 per share. Total revenue slid 7% to $2.54 billion. Sales of the company’s multiple sclerosis treatments tumbled as cheaper generic competition hurt the drug Tecfidera.

Analysts expected earnings of $3.48 per share on $2.44 billion in revenue, according to FactSet.

Biogen embarked on a broad cost-cutting program last year, which included slashing most of its spending on Aduhelm. The once highly anticipated Alzheimer’s disease treatment has flopped since it debuted with strict government restrictions on who can take it.

The drug brought in only $4.8 million in sales last year. Biogen’s top-selling multiple sclerosis treatment Tysabri generated $2 billion in global sales.

Biogen Inc. made $3 billion in 2022, with adjusted earnings totaling $17.67 per share.

For 2023, the company forecasts adjusted earnings to range between $15 and $16 per share.

Analysts forecast $15.80 per share.

Biogen also expects revenue to slip next year. The company is helping to produce and sell another Alzheimer’s treatment, Leqembi from the Japanese drugmaker Eisai. Biogen said Wednesday that it predicts expenses tied to the drug will exceed the “modest” initial revenue it expects from Leqembi.

Shares of the Cambridge, Massachusetts-based company fell more than 2%, or $7.45, to $281.63 in midday trading. Broader indexes were down less than 1%.

Martin Marietta

RALEIGH – Martin Marietta Materials Inc. (MLM) on Wednesday reported fourth-quarter earnings of $183.6 million.

The Raleigh, North Carolina-based company said it had profit of $2.95 per share. Earnings, adjusted to account for discontinued operations and costs related to mergers and acquisitions, were $3.04 per share.

The results topped Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $3.03 per share.

The seller of granite, limestone, sand and gravel posted revenue of $1.48 billion in the period. Its adjusted revenue was $1.38 billion, which missed Street forecasts. Six analysts surveyed by Zacks expected $1.43 billion.

For the year, the company reported profit of $866.8 million, or $13.87 per share. Revenue was reported as $5.73 billion.

Martin Marietta expects full-year revenue in the range of $6.18 billion to $6.37 billion.

Sonic Automotive

CHARLOTTE – Sonic Automotive Inc. (SAH) on Wednesday reported a loss of $190.9 million in its fourth quarter.

The Charlotte, North Carolina-based company said it had a loss of $5.22 per share. Earnings, adjusted for non-recurring costs, came to $2.61 per share.

The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $2.26 per share.

The auto dealer posted revenue of $3.59 billion in the period, which also topped Street forecasts. Four analysts surveyed by Zacks expected $3.45 billion.

For the year, the company reported profit of $88.5 million, or $2.23 per share. Revenue was reported as $14 billion.