Covance Reports Second Quarter Revenue of $475M and EPS of $0.49; Updates Full-Year Financial Targets(2)
添加时间:2010-08-02 原文发表:2010-08-02 人气:58
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Consolidated Results
($ in millions except EPS) 2Q10 2Q09 Change 1H10 1H09 Change
-------------------------- ---- ---- ------ ---- ---- ------
Total Revenues $500.7 $489.2 $1,005.7 $957.7
Less: Reimbursable Out-
of-Pockets $25.5 $23.2 $48.6 $50.4
Net Revenues $475.2 $466.0 2.0% $957.1 $907.3 5.5%
Operating Income $42.5 $60.0 (29.1)% $95.4 $115.9 (17.7)%
Operating Margin % 8.9% 12.9% 10.0% 12.8%
Net Income $31.7 $43.0 (26.3)% $70.8 $83.3 (15.0)%
Diluted EPS $0.49 $0.67 (27.3)% $1.09 $1.30 (16.4)%
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Operating Segment Results
Early Development
($ in millions) 2Q10 2Q09 Change 1H10 1H09 Change
---- ---- ------ ---- ---- ------
Net Revenues $208.2 $199.8 4.2% $413.2 $392.3 5.3%
Operating
Income $22.5* $27.1 (16.9)% $45.4* $54.2 (16.3)%
Margin % 10.8%* 13.6% 11.0%* 13.8%
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*includes one-time cost actions of $6.7 million
The Company's Early Development segment includes preclinical toxicology, analytical chemistry, clinical pharmacology services, research products, and discovery services. Early Development net revenues for the second quarter of 2010 were $208.2 million compared to $205.0 million in the first quarter of 2010 and $199.8 million in the second quarter of 2009. Revenues increased sequentially for the third consecutive quarter on improved performances in chemistry and discovery services. In the quarter, foreign exchange positively impacted year-on-year revenue growth by 90 basis points, but sequentially negatively impacted revenue by approximately $3 million.