ICON's Earnings Up, Sales Down
Dublin-based ICON, a global contract research organization (CRO), reported third quarter net income jumped 12% on sales that fell 2.3% to $220.3 million, compared with the year ago quarter.
Year-to-date, net revenues were $660.2 million, up 2.3% compared with the same period last year.
Income from operations increased by 12% to $30.4 million, compared with $27.1 million for the same quarter last year.Net income for the quarter was $24 million, compared with $21.4 million last year. Earnings per share jumped 14% to 40 cents per share on a diluted basis.
“Despite the economic and industry headwinds,” said ICON's CEO Peter Gray, “ICON has continued to improve margins, grow earnings and significantly improve cash flows enabling us to again raise earnings guidance for 2009. While higher than normal cancellations held back net business awards, the levels of business opportunity continue to be strong and we remain optimistic for the future.”