WuXi PharmaTech Q2 Adj. Profit Tops View; Lifts FY14 Earnings Outlook

(RTTNews) - WuXi PharmaTech Inc. (WX) Wednesday reported second-quarter profit of $29.3 million, down from $29.6 million in the comparable quarter last year. Earnings for the latest second quarter were $0.41 per ADS, same as last year.

Adjusted earnings for the quarter were $35.2 million or $0.49 per share, up from $33.7 million or 40.46 per share in the year-ago period. On average, six analysts polled by Thomson Reuters expected the company to earn $0.47 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues increased 14.8 percent to $163.35 million from $142.33 million last year, six analysts expected revenues of $162.11 million.

Looking ahead to the third quarter, the company has forecast earnings in the range of $0.40 to $0.42 per ADS, adjusted earnings in the order of $0.48 to $0.50 per ADS and revenues to range between $171 million and $173 million. Analysts currently expect the company to earn $0.49 per share on third-quarter revenues of $173.92 million.

For the fiscal 2014, the company now expects earnings in the range of $1.55 to $1.59 per ADS, adjusted earnings in the order of $1.82 to $1.86 per ADS and revenues in the order of $665 million to $670 million. Analysts currently expect the company to report full-year earnings of $1.84 per share on revenues of $669.74 million.

Earlier, the company expected earnings in the range of $1.53 to $1.58 per ADS, adjusted earnings in the order of $1.80 to $1.85 per ADS and revenues in the order of $660 million to $670 million.