Parexel (PRXL) Misses Q1 EPS by 10c; Guides Below, Announces $200M Stock Buyback Plan

Parexel (NASDAQ: PRXL) reported Q1 EPS of $0.76, $0.10 worse than the analyst estimate of $0.86. Revenue for the quarter came in at $0 versus the consensus estimate of $524.79 million.

Board approved new $200 million share repurchase program.

GUIDANCE:

Parexel sees FY2017 EPS of $3.71-$4.05, versus the consensus of $4.57.

“At the same time, we are encouraged by our continued strong gross new business awards in the quarter, which we believe speak to the strength of our competitive offering,” Mr. von Rickenbach continued. “Ongoing corporate development activities, such as the recent acquisition of ExecuPharm, are expected to contribute to revenue growth. PAREXEL is also committed to maximizing shareholder value through sustained margin improvement and effective capital deployment, including a new $200 million share repurchase program. As a result of these actions, we expect to deliver double-digit adjusted diluted EPS growth for the Fiscal Year at the midpoint of our guidance range."

For earnings history and earnings-related data on Parexel (PRXL) click here.

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