Parexel came back from a tough second quarter with strong third quarter results, posting a 10.1% increase in service revenues. The CRO, whose year-over-year profits were cut in half in the second quarter due to a cancelled project, reported revenues of $291.2 million in Q3, compared with $264.5 million for the same period last year.
Net income for the quarter totaled $12.8 million, or $0.22 per diluted share, down slightly from $14.2 million, or $0.25 per diluted share, in Q3 2009, but a vast improvement over the last quarter.
“Our performance in the third quarter clearly demonstrates a return to growth, and we are now looking more confidently into the future given our strong new business wins and growth in backlog,” said CEO Josef von Rickenbach. “As we move into our fourth fiscal quarter and gain better perspective on calendar year 2010, we believe that the market for our services is continuing to recover. In this regard, we have seen a significant increase in the volume and value of pending requests for proposals from our clients.”