Parexel International Corp. (PRXL) boosted its fiscal 2011 forecast and weighed in with better-than-expected fiscal fourth-quarter results after the market closed on Monday.
The biopharmaceutical services firm boosted its fiscal 2011 view to earnings in the range of $1.22 to $1.32 a share on consolidated service revenue between $1.265 billion and $1.31 billion. Previously, the company had forecast earnings in the range of $1.20 and $1.32 a share on consolidated service revenue between $1.245 billion and $1.29 billion. The new forecast was in-line with the Street’s view, as analysts are expecting fiscal 2011 earnings of $1.27 a share on $1.27 billion in sales.
The company expects fiscal first quarter earnings in the range of 27 to 29 cents per share on consolidated service revenue between $300 and $305 million, in-line with analyst estimates for earnings of 28 cents a share on revenue of $300.12 million.
For the fiscal fourth quarter, the company reported profit of $12.9 million or 22 cents per share, compared with year-ago net income of $6.3 million, or 11 cents per share. Adjusted earnings per share rose to 32 cents a share, up from 11 cents a share in the second quarter of last year.
Revenue rose to $346 million, up from year-ago sales of $247.41 million.
The results beat the Street. Analysts polled by Thomson Reuters had predicted adjusted earnings of 30 cents a share on revenue of $297.86 million.
"The combination of strong global capabilities, deep expertise, and industry-leading information technology solutions has resonated strongly with our clients,” said Josef H. von Rickenbach, Parexel’s chairman and chief executive officer, in a statement. We made notable operational improvements during the fiscal year, and we expect continued progress as a result of the investments that we have been making. Furthermore, we are pleased with the improvement in our tax rate, and we will continue to focus on this area."
Shares of Parexel International rose 33 cents, or 1.5%, in Monday’s session, finishing the day at $22.04. The stock has more than doubled, year-to-date.