July 22, 2009 / 12:14 PM / 10 years ago

UPDATE 1-ICON Q2 profit beats Street; cuts '09 view

* Q2 EPS beats analysts’ estimates, but rev lags

* Cuts ‘09 EPS and revenue view

July 22 (Reuters) - Irish clinical research provider ICON Plc (ICLR.O) ICON.I posted a higher quarterly adjusted profit that also topped analysts’ expectations on improved margins, but cut the range of its 2009 earnings and revenue view.

ICON, which provides outsourced drug research services to pharmaceutical and biotechnology companies, posted a second-quarter net income of $22.8 million, or 38 cents a share, compared to $18.8 million, or 31 cents a share in the year-ago quarter.

Net revenue rose slightly to $220.0 million. [ID:nWNAB9898]

Analysts were expecting the company to earn 33 cents a share, before special items, on revenue of $226.4 million, according to Reuters Estimates.

For 2009, it now sees earnings of $1.38 to $1.44 a share. In April, the company had said that excluding a charge of 4 cents to 6 cents a share, it expected to earnings to be at the lower end of a $1.40 to $1.52 outlook range given in January.

ICON also cut its 2009 revenue view to $880 million to $900 million, down from prior expectation of revenue to come in at the lower end of a $930 million to $980 million range. (Reporting by Esha Dey in Bangalore; Editing by Anthony Kurian)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below