UPDATE 1-Parexel Q3 profit beats Street

Tue Apr 27, 2010 4:45pm EDT

* Q3 EPS $0.28 beats Street by 1 cent

* Service revenue rises 10 pct to $291.2 mln

April 27 (Reuters) - Parexel International Corp (PRXL.O), a clinical research service provider, posted a better-than-expected quarterly profit, helped by higher service revenue.

"As we move into our fourth fiscal quarter and gain better perspective on calendar year 2010 ... the market for our services is continuing to recover," Chief Executive Josef von Rickenbach said in a statement.

For the third quarter ended March 31, the company reported a net income of $12.8 million, or 22 cents a share, compared with $14.2 million, or 25 cents a share, a year ago.

Consolidated service revenue rose 10 percent to $291.2 million.

Analysts on average expected earnings of 27 cents a share, excluding special items, on revenue of $290.8 million, according to Thomson Reuters I/B/E/S.

The company forecast fourth-quarter adjusted earnings of 29 cents to 31 cents a share, on consolidated service revenue of $294 million to $304 million.

Analysts on average were expecting earnings of 30 cents a share, on revenue of $297.8 million.

Shares of the company closed at $23.94 Tuesday on Nasdaq. (Reporting by Anand Basu in Bangalore; Editing by Gopakumar Warrier)