Icon Posts Strong Quarter 2 Results

Icon have announced that they have reviewed their guidance for revenues and earnings per share in fiscal year (FY) 2013 after posting another strong financial quarter.

Earlier this week, Icon reported net revenues for their second quarter of US $334.2 million, an increase of 20.6% year on year, comfortably passing the forecast of US $321.8 million.

The company’s operating income in the latest quarter was also very positive, having more than doubled to US $26.3 million from US $11.0 million in same quarter of FY 2012, regardless of another batch of restructuring charges.

Icon’s charges for restructuring and other items were US $4.6 million compared with US $5.6 million in the year-before quarter.  However this was a slight increase from the US $4.4 million charge for restructuring and other items in the first quarter of 2013.

Earnings per Share (EPS)

Before restructuring costs, operating income was up 85.8% at US $30.9 million, while diluted Earnings per Share were US $0.43, an increase from US $0.21 in the second quarter of 2012.

Icon also recorded gross new-business wins worth US $496 million in the second quarter, providing a gross book-to-bill ratio of 1.48.  Net business wins were US $364 million, making the net book-to-bill ratio 1.1.

Ciaran Murray, chief executive officer of Icon, commented that the company “have continued to book satisfactory levels of new business and our trailing twelve-month book to bill now stands at 1.3.”

“Consequently we are raising our revenue guidance to the range of US $1.3-US $1.32 billion and our EPS guidance to the range of US $1.54-US $1.64 for the financial year 2013,” he added.

Links:
www.iconplc.com
www.pharmatimes.com

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