NEW YORK, August 5, 2015 /PRNewswire/ --
ACI Association has initiated research coverage on ICON
Public Limited Company (NASDAQ: ICLR). Select highlights from
the internally released reports are being made available to the
general public (included below), with access to the entirety of the
research available to new members.
Today, membership is open to readers on a complementary basis at
the following URL: http://www.aciassociation.com/?c=ICLR
Highlights from our ICLR Report include:
- Second Quarter Results at a Glance
- On Tuesday, July 28, 2015,
ICON Public Limited Company (ICON) published results for the second
quarter ended June 30, 2015. Net
revenue of the drug development solutions and services provider
stood at $388.7 million, as against
$376 million in the same quarter last
year, reflecting a growth of 3.4% YoY. In constant currency, net
revenue grew by 9% YoY while recording a constant dollar organic
growth of 4% YoY. The Company recorded a 41% growth in income
from operations to $68.1 million in
Q2 2015 compared to $48.3 million in
the year-ago period. Meanwhile, net income of ICON registered a
strong growth of 44% at $58.6 million
or 95 cents per share on a diluted
basis. In Q2 2014, net income stood at $40.8
million or 64 cents per share
on diluted basis.
- Performance Review for H1 2015 - Net
revenue witnessed a 7.1% jump to $776.9
million in H1 2015 from $725.7
million in the corresponding period a year earlier,
representing 12.4% YoY constant currency growth and 6.7% constant
dollar organic growth. Further, income from operations surged
robustly by 48% to $134.8 million,
forming 17.4% of net revenue. This compares to the Company's
year-ago period's income from operations of $91.3 million which accounted for 12.6% of net
revenue. ICON's net income for the period grew 49% YoY to
$114.5 million compared to
$77 million in the same period
previous year. As per the release, the year to date earnings
increased by 52% to $1.85 per share
on a diluted basis, as against $1.22
per diluted share last year.
- Revised Guidance for the Full Year
- ICON has updated its guidance for the full year ending
December 2015. The Company now
expects the earnings to be in the range of $3.90 - $4.00, up from its previous guidance of
$3.60 - $3.70. Additionally, the
Company revised the revenue projections for the full-year due to
lower than forecast backlog conversion during the quarter. Revenues
are now projected to range from $1,570 -
$1,600 million in the full year results, as against its
previous forecasts of $1,600 - $1,650
million.
To find out how this influences our rating on ICON Public
Limited Company, read the full report in its entirety here:
http://www.aciassociation.com/?c=ICLR
--
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