ICON Q2 Earnings Grow, Beat Estimates; Ups Annual Outlook - Quick Facts

(RTTNews) - ICON Public Limited Co. (ICLR), a provider of contract research services to the pharma sector, Wednesday reported a rise in net earnings as well as revenues for the second quarter. Earnings also surpassed analysts' estimates. In addition, the company raised its annual earnings outlook.

For the three months to June, net earnings increased to $40.78 million or $0.64 per share, from $22.48 million or $0.36 per share a year earlier.

On average, twelve analysts polled by Thomson-Reuters estimated the company's earnings to be $0.58 for the quarter. Analysts' estimates typically exclude one-time items.

Quarterly net revenues increased by 12.5 percent to $376 million, from $334.2 million last year, while Wall Street expected $376.89 million.

Looking ahead, the company increased its earnings guidance to $2.62 to $2.68 per share from the range of $2.30 to $2.40 previously projected. The company also narrowed its sales guidance to $1.490 billion to $1.530 billion.