Covance Q1 Profit Tops Estimate

(RTTNews) - Covance Inc. (CVD) reported net income for the first quarter of $50.8 million or $0.88 per share, compared to $48.2 million or $0.86 per share for the year-ago quarter.

Excluding items, adjusted net income for the first quarter was $52.4 million or $0.90 per share, compared to $42.3 million or $0.75 per share in the prior year quarter.

Net revenue for the first quarter rose 6.9% to $620.1 million from $580.2 million a year ago.

Analysts polled by Thomson Reuters expected the company to earn $0.89 per share on revenue of $632.18 million for the first quarter. Analysts' estimates typically exclude special items.

For the full year 2014, the company now expects revenue growth of 6% to 9% and adjusted earnings per share of $3.70 to $3.95. Previously, the company expected revenue growth of 6% to 10% and adjusted earnings in the range of $3.65 to $4.00 per share.

Analysts currently expect the company to earn $3.86 per share on revenue growth of 8.90% for the full year 2014.