* Q1 adj EPS $0.60 in line with estimates
* Backs FY'12 EPS view of $2.50-$2.80
May 2 Clinical research services provider
Covance Inc said it would shut an Arizona facility as
part of a plan to reduce costs, and named a new chief financial
The company said it closed the Chandler, Arizona facility,
which offers preclinical services including toxicology services,
and pharmaceutical chemistry, to better align its capacity to
demand in the preclinical market.
Covance said the move, along with further reductions in its
early development cost structure, should improve its annual
profit by at least $20 million.
The company also said current CFO Bill Klitgaard would take
over the role of chief information officer, and will be replaced
in the finance chief's role by its vice president of global
financial planning and analysis, Alison Cornell.
Also on Wednesday, the company reported an adjusted
first-quarter profit of 60 cents that was in line with market
expectations, and backed its full-year earnings forecast of
$2.50 per share to $2.80 per share.
For the full year, analysts were expecting the company to
earn $2.66 per share, according to Thomson Reuters I/B/E/S.
Shares of Princeton, New Jersey-based Covance closed at
$47.79 on Wednesday on the New York Stock Exchange.