NEW YORK, August 5, 2015 /PRNewswire/ --
ACI Association has initiated research coverage on ICON Public Limited Company (NASDAQ: ICLR). Select highlights from the internally released reports are being made available to the general public (included below), with access to the entirety of the research available to new members.
Today, membership is open to readers on a complementary basis at the following URL: http://www.aciassociation.com/?c=ICLR
Highlights from our ICLR Report include:
- Second Quarter Results at a Glance - On Tuesday, July 28, 2015, ICON Public Limited Company (ICON) published results for the second quarter ended June 30, 2015. Net revenue of the drug development solutions and services provider stood at $388.7 million, as against $376 million in the same quarter last year, reflecting a growth of 3.4% YoY. In constant currency, net revenue grew by 9% YoY while recording a constant dollar organic growth of 4% YoY. The Company recorded a 41% growth in income from operations to $68.1 million in Q2 2015 compared to $48.3 million in the year-ago period. Meanwhile, net income of ICON registered a strong growth of 44% at $58.6 million or 95 cents per share on a diluted basis. In Q2 2014, net income stood at $40.8 million or 64 cents per share on diluted basis.
- Performance Review for H1 2015 - Net revenue witnessed a 7.1% jump to $776.9 million in H1 2015 from $725.7 million in the corresponding period a year earlier, representing 12.4% YoY constant currency growth and 6.7% constant dollar organic growth. Further, income from operations surged robustly by 48% to $134.8 million, forming 17.4% of net revenue. This compares to the Company's year-ago period's income from operations of $91.3 million which accounted for 12.6% of net revenue. ICON's net income for the period grew 49% YoY to $114.5 million compared to $77 million in the same period previous year. As per the release, the year to date earnings increased by 52% to $1.85 per share on a diluted basis, as against $1.22 per diluted share last year.
- Revised Guidance for the Full Year - ICON has updated its guidance for the full year ending December 2015. The Company now expects the earnings to be in the range of $3.90 - $4.00, up from its previous guidance of $3.60 - $3.70. Additionally, the Company revised the revenue projections for the full-year due to lower than forecast backlog conversion during the quarter. Revenues are now projected to range from $1,570 - $1,600 million in the full year results, as against its previous forecasts of $1,600 - $1,650 million.
To find out how this influences our rating on ICON Public Limited Company, read the full report in its entirety here: http://www.aciassociation.com/?c=ICLR
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