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Covance Reports First Quarter Net Revenue Growth Of 9.3% To $580 Million, Pro Forma EPS Of $0.75 And Adjusted Net Orders Of $716 Million
Date:5/1/2013

012 restructuring actions. Early development revenue and operating margin are expected to modestly increase on a sequential basis from the seasonally weak first quarter.

"Our strong start to the year leads us to raise our revenue growth target to be in the high-single digit range, versus our previous expectation of mid- to high-single digit growth, and pro forma diluted earnings per share target to a range of $3.00 to $3.20 (excluding the gain on sale, costs associated with our ongoing restructuring activities, and assuming foreign exchange rates remain at March 31, 2013 levels), versus our previous expectation of $2.85 to $3.15. We expect modest sequential increases in earnings per share each quarter as we progress throughout the year."

 

Consolidated Results($ in millions except EPS)1Q131Q12ChangeTotal Revenues

$634.3

$573.9Less: Reimbursable Out-of-Pockets 

$54.1

$43.1Net Revenues

$580.2

$530.8

9.3%Operating Income

$48.3

$46.1

4.6%Operating Margin

8.3%

8.7%Net Income

$48.2

$35.7

34.9%Diluted Earnings per Share

$0.86

$0.60

41.8%Restructuring costs

($6.2)

-Operating Income, excluding items*

$54.4

$46.1

18.0%  Operating Margin, excluding items*

9.4%

8.7%Gain on Sale of Investment

$15.7

-Net Income, excluding items*

$42.3

$35.7

18.6%Diluted EPS, excluding items*

$0.75

$0.60

24.7%* See attached pro forma income statement for reconciliation of 2013 GAAP to pro forma amounts. Operating Segment Results Early Development($ in millions)1Q131Q12ChangeNet Revenues

$207.3

$211.7

(2.1%)Operating Income

$16.6

$11.3

46.4%Operating Margin

8.0%

5.3%Restruct
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SOURCE Covance Inc.
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