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Covance Reports Second Quarter Net Revenue of $592 Million, Pro Forma EPS of $0.78 and Record Adjusted Net Orders of $776 Million
Date:7/30/2013

harmacology and a return to growth in toxicology were offset by declines in discovery support services and pharmaceutical chemistry services. Pro forma operating margin increased 260 basis points year-on-year, largely as a result of our 2012 restructuring actions, and 160 basis points from the first quarter primarily from sequential growth in toxicology that carried strong incremental earnings.

"As we look ahead to the remainder of the year, we are increasing our pro forma diluted earnings per share target to the range of $3.10 to $3.20 (excluding gains on sale, costs associated with our ongoing restructuring activities, and assuming foreign exchange rates remain at June 30, 2013 levels), versus our previous expectation of $3.00 to $3.20, and we continue to expect revenue growth in the high-single digit range.  We expect sequential increases in earnings per share of approximately two cents in each of the third and fourth quarters."

Consolidated Results($ in millions except EPS)2Q132Q12ChangeYTD13YTD12ChangeTotal Revenues

$644.0

$585.0$1,278.3

$1,158.9Less: Reimbursable Out-of-Pockets 

$51.7

$42.2$105.8

$85.3Net Revenues

$592.3

$542.8

9.1%

$1,172.5

$1,073.6

9.2%Operating Income (Loss)

$51.5

($3.9)

n/c

$99.8

$42.2

136.4%Operating Margin

8.7%

(0.7%)8.5%

3.9%Net Income (Loss)

$41.0

($12.7)

n/c

$89.2

$23.0

287.4%Earnings (Loss) per Share

$0.72

($0.23)

n/c

$1.58

$0.40

292.8%Revenue from facilities closed in 2012**

-

$4.3-

$4.3Net Revenue, continuing ops*

$592.3

$538.5

10.0%

$1,172.5

$1,069.3

9.6%Restructuring Costs

($6.0)

($9.7)($12.2)

($9.7
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SOURCE Covance Inc.
Copyright©2012 PR Newswire.
All rights reserved

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