Key Developments: Covance Inc (CVD)
76.90USD
19 Jun 2013
$-1.98 (-2.51%)
$78.88
$78.60
$78.84
$76.89
386,121
376,509
$79.50
$45.22
Latest Key Developments (Source: Significant Developments)
Covance Inc Sees FY 2013 Revenue Guidance At High End Of Prior Range; Raises FY 2013 EPS Guidance; Comments On Quarterly EPS Guidance
Covance Inc announced that for fiscal 2013, it raises revenue growth target to be in the high single digit range, versus its previous expectation of mid to high-single digit growth, and pro forma diluted earnings per share target to a range of $3.00 to $3.20 (excluding the gain on sale, costs associated with the Company's ongoing restructuring activities, and assuming foreign exchange rates remain at March 31, 2013 levels), versus its previous expectation of $2.85 to $3.15. The Company also expect modest sequential increases in earnings per share each quarter as the Company progress throughout the year. The Company reported revenue of $2.172 billion in fiscal 2012. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report revenue of $2.333 billion and EPS of $3.03 for fiscal 2013. Full Article
Covance Inc Issues FY 2013 Guidance In Line With Analysts' Estimates; Issues Q1 2013 Guidance; EPS Guidance Above Analysts' Estimates
Covance Inc announced that for fiscal 2013, it expects mid to high single digit year on year revenue growth and pro forma diluted earnings per share (EPS), which exclude costs from ongoing restructuring activities, in the range of $2.85-$3.15 (assuming foreign exchange rates remain at year-end 2012 levels). For first quarter of 2013, it expect revenue to be up slightly from the fourth quarter level and pro forma earnings per share to be in the range of $0.71 to $0.73 as the Company forecast an increase in Late-Stage Development net revenues and earnings to be off-set by seasonally-lower first quarter Early Development results. The Company reported revenue of $2.172 billion in fiscal 2012 and revenue of $562 million in fourth quarter of 2012. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report revenue of $2.30 billion and EPS of 2.97 for fiscal 2013; revenue of $563 million and EPS of $0.70 for first quarter of 2013. Full Article
Covance Inc Issues Q4 2012 Guidance In Line With Estimates; Reaffirms FY 2012 Revenue Guidance; Raises Low End Of Prior FY 2012 EPS Guidance To A Range Above Analysts' Estimates-Conference Call
Covance Inc announced that for fourth quarter of 2012, it expects revenues to increase sequentially and pro forma earnings per share (EPS) at approximately $0.70. For fiscal 2012, it expects revenue growth of low to mid-single digits, and raising the bottom end of previous pro forma EPS range by $0.15, resulting in a revised forecast of $2.65 to $2.70. The Company reported revenue of $544.82 million in third quarter of 2012 and revenue of $2.096 billion in fiscal 2011. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report revenue of $552 million and EPS of $0.69 for fourth quarter of 2012; revenue of $2.16 billion and EPS of $2.63 for fiscal 2012. Full Article
Covance Inc. Comments On Q3 2012 Guidance; Lowers High End Of Prior FY 2012 EPS Guidance; Revises FY 2012 Revenue Guidance To A Range In Line With Analysts' Estimates
Covance Inc. announced that for the third quarter of 2012, it expects pro forma revenue and EPS to be slightly higher than the second quarter level. For fiscal 2012, it is revising revenue growth to the low- to mid-single-digit range primarily due to foreign exchange headwinds and more modest sequential growth in Early Development and pro forma diluted EPS to be in the range of $2.50 to $2.70 (excluding impairment charges, restructuring costs and losses from facilities in wind-down, and using June 30 foreign exchange rates). The Company reported revenue of $2.096 billion in fiscal 2011. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report revenue of $558.5 million and EPS of $0.69 in the third quarter of 2012; revenue of $2.194 billion and EPS of $2.65 for fiscal 2012. Full Article
Covance Inc. Issues Q2 2012 Guidance; Reaffirms FY 2012 Guidance
Covance Inc. announced that for the second quarter of 2012, it expect mid-single-digit year-on-year revenue growth and an increase in net revenues from the first quarter level in both segments. The Company expect second quarter 2012 earnings per share (excluding costs associated with new actions) to be several cents above the first quarter level. For fiscal 2012, it continue to forecast mid-single-digit year-on-year revenue growth and diluted earnings per share in the range of $2.50 to $2.80 (excluding costs associated with new actions and assuming foreign exchange rates remain at March 31 levels) as stronger performance in Late-Stage Development services offsets weaker performance for Early Development services. Full Article
Covance Inc.'s Board Authorizes $300 Million Stock Buyback
Covance Inc. announced that its Board of Directors has authorized the repurchase of up to $300 million of its outstanding common stock. This authorization is in addition to the approximately 800,000 shares remaining under a previously-announced repurchase authorization and currently represents approximately 10% of the Company's common stock. Any purchases under this buyback would be dependent upon business and market conditions and other factors. The stock purchases may be made from time to time and may be made through a variety of methods including open market purchases, privately negotiated transactions, block trades, and 10b5-1 plans. Full Article
Covance Inc. Issues Q1 2012 Guidance; EPS Guidance Below Analysts' Estimates; Issues FY 2012 Guidance Below Analysts' Estimates
Covance Inc. announced that for first quarter of 2012, it expects a modest increase in net revenues from the fourth quarter level as it forecast a further sequential decline in Early Development net revenue, to be offset by an increase in Late-Stage net revenues. A drop in Early Development earnings due to the expected lower level of revenue, when combined with the increased information technology spending and foreign exchange headwind, is expected to result in diluted earnings per share in the low $0.60 range. For fiscal 2012, it expects mid-single digit year on year revenue growth (inclusive of an approximate 200 basis point headwind from the stronger USD) and diluted earnings per share in the range of $2.50 to $2.80. The Company reported revenue of $532.48 million in fourth quarter of 2011 and revenue of $2.1 billion in fiscal 2011. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report revenue of $534 million and EPS of $0.66 in first quarter of 2012; revenue of $2.200 billion and EPS of $2.92 for fiscal 2012. Full Article
Covance Inc. Reaffirms FY 2011 Revenue Guidance
Covance Inc. announced that During Mr. Herring's presentation, he will expects fiscal 2011 revenue growth in the high single-digit range and pro forma earnings to be approximately $2.70 per diluted share. The Company reported revenues of $1.925 billion in fiscal 2010. According to I/B/E/S Estimates, analysts were expecting the Company to report revenues of $2.106 billion for fiscal 2011. Full Article
Covance Inc. Issues FY 2011 Guidance In Line With Analysts' Estimates; Issues Q4 2011 Revenue Guidance Above Analysts' Estimates
Covance Inc. announced that it expects fiscal 2011 revenue growth in the high single-digit range and pro forma earnings to be approximately $2.70 per diluted share, excluding costs associated with restructuring activities and assuming foreign exchange rates remain at September 30, 2011 levels. The Company also announced that it forecast another quarter of sequential growth in both revenue and operating margin for its early development services in the fourth quarter of 2011. The Company reported revenues of $1.925 billion fiscal 2010; revenues of $578.9 million in the third quarter of 2011. According to I/B/E/S Estimates, analysts were expecting the Company to report EPS of $2.72 on revenues of $2.070 billion for fiscal 2011; revenue of $526.3 million for the fourth quarter of 2011. Full Article
Covance Inc. Raises Low End Of Prior FY 2011 Revenue Guidance To A Range In Line With Analysts' Estimates ; Narrows FY 2011 EPS Guidance In Line With Analysts' Estimates; Issues Q3 2011 Mixed Guidance
Covance Inc. announced that for fiscal 2011, it expects revenue growth in the mid-to-high single digit range and pro forma earnings to be in the range of $2.60-$2.80 per diluted share (EPS), excluding costs associated with previously announced restructuring activities. This range assumes no new strategic alliances with clients and foreign exchange rates remain at June 30, 2011 levels. For the third quarter of 2011, it expects a continued sequential increase in net revenues and pro forma earnings per share of approximately $0.70. The Company reported revenues of $1.925 billion fiscal 2010; revenues of $518 million in the second quarter of 2011. According to I/B/E/S Estimates, analysts are expecting the Company to report EPS of $0.71 on revenues of $513.4 million for the third quarter of 2011; EPS of $2.73 on revenues of $2.046 billion for fiscal 2011. Full Article
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