This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

ICON Reports Second Quarter 2014 And Increases Earnings Guidance

Stock quotes in this article: ICLR

ICON plc , (NASDAQ:ICLR), a global provider of outsourced development services to the pharmaceutical, biotechnology and medical device industries, today reported its financial results for the second quarter ended June 30, 2014.

For the second quarter, net revenue grew 12.5% year on year to $376 million from $334.2 million in Q2 2013.

Income from operations, excluding restructuring and other items, was $48.3 million or 12.8% of revenue, compared to $30.9 million or 9.3% for the same quarter last year.

Net income, excluding restructuring and other items, was $40.8 million or 64 cents per share on a diluted basis, compared with $26.5 million or 43 cents per share for the same quarter last year.

Revenue in the first half of 2014 increased 11.5% to $726 million from $651 million in 2013.

Income from operations in the first half of 2014, excluding restructuring charges, was $91.3 million or 12.6% of revenue, compared with $58.3 million or 9% of revenue in the previous year.

Net income in the first half of 2014, excluding restructuring charges, was $77 million or $1.22 per share on a diluted basis, compared with $48.7 million or 79 cents per diluted share last year.

Guidance for the full year 2014 has been updated with EPS guidance increased from a range of $2.30 - $2.40 to a range of $2.62 - $2.68 and revenue narrowed to a range of $1.490 billion - $1.530 billion.

Days sales outstanding, comprising accounts receivable and unbilled revenue less payments on account, were 40 days at June 30, 2014, compared with 35 days at the end of March 2014.

For the quarter ended June 30, 2014, cash used in operating activities was $54.9 million and capital expenditure was $6.8 million. In addition during the quarter the acquisition of Aptiv Solutions was completed for an initial cash consideration of $143.5m. The company’s net cash amounted to $175 million at June 30, 2014, compared to net cash of $364 million at March 31, 2014.

1 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,042.90 -28.32 -0.17%
S&P 500 1,972.29 -5.51 -0.28%
NASDAQ 4,493.39 -12.4620 -0.28%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs