UPDATE 1-Parexel posts flat Q3 profit, ups '09 profit view

Mon Apr 27, 2009 11:22pm BST
[-] Text [+]

* Q3 service revenue up 8 pct

* Lowers 2009 service rev view

* Raises 2009 profit view

* Shares jump 15 pct after the bell

April 27 (Reuters) - Parexel International Corp (PRXL.O: Quote, Profile, Research) posted a flat quarterly profit as higher expenses offset an 8 percent increase in service revenue, and the company raised its profit forecast for 2009, sending its shares up 15 percent.

The company which provides research, communications and consulting services to drugmakers and medical device companies, posted service revenue of $264.5 million for the third quarter ended March 31, up from $245.3 million a year ago.

The Waltham, Massachusetts-based company said its order backlog was up about 7 percent at $2.04 billion by the end of the March quarter.

Last week, the company's rivals Kendle International Inc (KNDL.O: Quote, Profile, Research) and Pharmaceutical Product Development Inc (PPDI.O: Quote, Profile, Research) had issued weak forecasts, citing project cancellations.

For the third quarter, the company posted a flat net income of $14.2 million, or 25 cents a share. Total revenue rose 5.5 percent to $311 million.  Continued...

 
PRXL.O
Last:
Change:
Up/Down:
 
by Name by Symbol