Covance Q2 Profit Tops Estimate

(RTTNews) - Covance Inc. (CVD) reported net income for the second quarter of $16.9 million or $0.29 per share, compared to $41.0 million or $0.72 per share for the year-ago quarter.

Excluding items, adjusted net income for the second quarter was $54.7 million or $0.95 per share, compared to $44.5 million or $0.78 per share in the prior year quarter.

Net revenue for the second quarter rose 8% to $639.5 million from $592.3 million a year ago.

Analysts polled by Thomson Reuters expected the company to earn $0.93 per share on revenue of $639.74 million for the second quarter. Analysts' estimates typically exclude special items.

The company said it now expects 2014 revenue growth of 6% to 8% and adjusted earnings per share of $3.78 to $3.92. Previously, the company expected revenue growth of 6% to 9% and adjusted earnings per share of $3.70 to $3.95.

Analysts currently expect the company to earn $3.83 per share on revenue growth of 7.60% for the full year 2014.