ICON plc (NASDAQ: ICLR) reported Q1 EPS of $1.63, $0.03 better than the analyst estimate of $1.60. Revenue for the quarter came in at $674.9 million versus the consensus estimate of $668.18 million.

• Net business wins (including pass-through) in the quarter of $885 million; a book to bill of 1.31.
• Closing backlog (including pass-through) of $7.9 billion, a year on year increase of 10.5%.
• Quarter 1 reported revenue of $675 million. This represents a year on year increase of 8.8% or 11.1% on a constant currency basis.
• Reported income from operations was $102 million, or 15.1% of revenue. This represents an increase of 11.1% over Q1 2018.
• Reported earnings per share of $1.63, an increase of 14.8% over Q1 2018.
• Revenue guidance increased from a range of $2,735 - $2,835 million to a range of $2,760 - $2,840 million. Earnings per share guidance increased from a range of $6.69 - $6.89 to a range of $6.75 - $6.95.
• Strong cash generated from operating activities totalling $95 million in the quarter. This represents an increase of $54 million on Q1 2018.

CEO Dr. Steve Cutler commented, “I’m pleased with our results in quarter one which represent a good start to 2019. Supported by a strong book to bill of 1.31x, our backlog of business increased by 11% year over year to $7.9 billion. Revenue grew by 11% on a constant currency basis over the same period last year and combined with further leverage of our cost base enabled us to deliver earnings per share of $1.63, a 15% increase. With new business opportunities continuing to be robust and our strong balance sheet enhanced by solid cash collection during the quarter, we look to the future with optimism. We are therefore increasing our 2019 revenue guidance from a range of $2,735 - $2,835 million to a range of $2,760 - $2,840 million and we are increasing earnings guidance from a range of $6.69 - $6.89 to $6.75 - $6.95.”

GUIDANCE:

ICON plc sees FY2019 EPS of $6.69-$6.89, versus the consensus of $6.83. ICON plc sees FY2019 revenue of $2.735-2.835 billion, versus the consensus of $2.79 billion.

For earnings history and earnings-related data on ICON plc (ICLR) click here.