RALEIGH – PRA Health Sciences Inc. (PRAH) on Thursday reported second-quarter net income of $13.9 million.
On a per-share basis, the Raleigh-based company said it had profit of 22 cents. Earnings, adjusted for one-time gains and costs, came to 86 cents per share.
The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 82 cents per share.
The contract research organization posted revenue of $729.9 million in the period, which also beat Street forecasts. Five analysts surveyed by Zacks expected $717.8 million.
“Considering the very difficult circumstances, I was delighted with our second quarter financial results. We reported revenue and earnings that were better than the revised guidance we provided in May and had record levels of gross and net new business awards. Our second quarter results were obviously impacted by the pandemic, but our team did an excellent job delivering to our revised forecast,” said Colin Shannon, PRA’s President and Chief Executive Officer.
“For the remainder of 2020, we will continue to manage our business in a fiscally responsible manner and continue to look for ways to provide innovative solutions to our customers. I would like to thank all of our employees for their hard work during this challenging period.”
For the current quarter ending in October, PRA Health Sciences expects its per-share earnings to range from $1.09 to $1.19.
The company said it expects revenue in the range of $754 million to $784 million for the fiscal third quarter.
PRA Health Sciences expects full-year earnings in the range of $4.35 to $4.55 per share, with revenue ranging from $3.07 billion to $3.13 billion.
PRA Health Sciences shares have fallen 2% since the beginning of the year. The stock has climbed 11% in the last 12 months.
