Icon Release Strong Q1 Results
Icon continued their run of solid quarterly results, reporting an operating income of US $23.0 million, an increase of 96.0% year on year. Net revenues were also higher, at US $316.8 million.
The income total included reorganisation, and other items amounting to US $4.41 million. Without these charges operating income was up to US $27.4 million, over twice the US $11.7 million recorded in the first quarter of 2012.
Allowing for the re-organisational charges, diluted earnings per share (EPS) for the three months ending 31st March 2013 were US $0.31, in comparison to US $0.15 in the year-earlier quarter.
Excluding the charges, diluted EPS grew from US $0.15 to US $0.36 in the latest quarter.
The organisation also continued to make development in growing their operating margin, which reached 8.7% in the quarter.
Looked at geographically, Icon generated 46.1% of their net revenues from Europe, compared to 45.8% in the whole of 2012. The US accounted for 42.8% of net revenues in the first quarter of 2013, and the Apac/Latam regions for 11.1%.
“Encouraging Start to 2013”
Chief executive officer, Ciaran Murray, described the results as “an encouraging start to 2013”, with the Irish provider of outsourced development services reporting gross business wins of US $481 million for the first quarter.
This translates into net new business of US $422 million, providing Icon with “a solid foundation upon which to build during the remainder of 2013”, Murray commented.