Quintiles Transnational Holdings Inc. (Q) Thursday reported a rise in earnings as well as revenues for the third quarter. The company lifted its annual earnings outlook, but lowered its expectations for services revenue.
For the three months to September, net earnings increased to $92.65 million or $0.71 per share, from $66.77 million or $0.50 per share a year earlier.
Excluding certain items, net earnings were $84.98 million or $0.65 per share.
On average, eighteen analysts polled by Thomson-Reuters estimated earnings to be $0.64. Analysts' estimates typically exclude one-time items.
Revenues rose to $1.4 billion, from $1.19 billion last year. Analysts expected revenues of $1.05 billion.
Looking ahead, Quintiles raised its adjusted annual earnings outlook to $2.61 - $2.68 per share, from the prior guidance of $2.57 to $2.67. Quintiles also raised its annual net earnings guidance to $2.61 - $2.68 per share, from $2.49 - $2.61 per share previously projected.
The company, however, lowered its annual services revenue outlook to $4.16 billion and $4.19 billion, from the $4.20 billion and $4.24 billion previously projected.
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