PRA Health Sciences (PRAH) Tops Q3 EPS by 29c, Revenues Beat; Raises FY20 EPS/Revenue Guidance Above Consensus

PRA Health Sciences (NASDAQ: PRAH) reported Q3 EPS of $1.41, $0.29 better than the analyst estimate of $1.12. Revenue for the quarter came in at $796.31 million versus the consensus estimate of $764.98 million.

• Net new business of $737.9 million; representing growth of 10.2%; Net book-to-bill of 1.28 excluding reimbursement revenue
• Net new business of $986.0 million; Net book-to-bill of 1.35 including reimbursement revenue
• $796.3 million of total revenue; representing growth of 2.0% at actual foreign exchange rates and 1.3% on a constant currency basis
• GAAP net income per diluted share of $1.41; GAAP net income of $91.3 million
• Adjusted net income per diluted share was $1.30; Adjusted net income of $84.1 million

"I am very appreciative of the effort and focus of all of our employees despite the difficult health circumstances in the world today. As a result of this commitment, I am very pleased to report revenue and earnings that were significantly better than the guidance we provided in August and an increase to our 2020 guidance. I am also happy to report another quarter of record level gross and net new business awards," said Colin Shannon, PRA's President and Chief Executive Officer. "Although we continue to experience challenges with the pandemic, we believe we will finish 2020 strong and are well-positioned for 2021."

GUIDANCE:

PRA Health Sciences sees FY2020 EPS of $4.61-$4.71, versus the consensus of $4.43. PRA Health Sciences sees FY2020 revenue of $3.12-3.15 billion, versus the consensus of $3.09 billion.

• Raising full year 2020 revenue guidance to between $3.120 billion and $3.150 billion, GAAP net income per diluted share to between $3.23 and $3.35 and adjusted net income per diluted share to between $4.61 and $4.71

For earnings history and earnings-related data on PRA Health Sciences (PRAH) click here.

You May Also Be Interested In

• American Express (AXP) down despite beating Q1 estimates on top and bottom lines
• Vail Resorts (MTN) Reports Certain Ski Season Metrics for the Season-to-Date Period Ended April 14
• Wipro (WIT) Tops Q1 EPS by 1c