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Covance Reports Third Quarter Net Revenue Of $607 Million, Pro Forma EPS Of $0.83 And Adjusted Net Orders Of $732 Million
Date:10/29/2013

n, an increase of 1% from last year's pro forma result. Performance was led by clinical pharmacology, which delivered strong year-over-year and sequential revenue growth and margin expansion, more than offsetting year-over-year declines in discovery support services and pharmaceutical chemistry services. Pro forma operating margin increased 70 basis points year-on-year, and 180 basis points sequentially. Toxicology, where revenue declined slightly both year-on-year and sequentially, delivered better-than-forecasted orders in the third quarter, setting up expected sequential and year-on-year growth in the fourth quarter.

"Looking ahead to the fourth quarter of 2013, we expect sequential growth in revenue and operating income in both our Early and Late-Stage development segments, despite increased spending on our strategic IT programs. Accordingly, we are increasing our full-year pro forma diluted earnings per share target to approximately $3.20 (excluding gains on sale, costs associated with our ongoing restructuring activities, and assuming foreign exchange rates remain at September 30, 2013 levels), versus our previous expectation of $3.10 to $3.20. We also now expect full-year revenue growth of approximately 10%." 

Consolidated Results ($ in millions except EPS)3Q133Q12ChangeYTD13YTD12ChangeTotal Revenues

$647.0

$597.6$1,925.3

$1,756.6Less: Reimbursable Out-of-Pockets 

$40.3

$52.8$146.1

$138.2Net Revenues

$606.7

$544.8

11.4%

$1,779.2

$1,618.4

9.9%Operating Income

$62.6

$30.6

104.7%

$162.4

$72.8

123.1%Operating Margin

10.3%

5.6%9.1%

4.5%Net Income

$44.2

$37.8

16.9%

$133.4

$60.8

119.2%Earnings per Share

$0.78

$0.69

13.3%

$2.35

$1.07

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SOURCE Covance Inc.
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