How are energy investors positioned?
Investing.com -- Icon plc (NASDAQ:ICLR), a global clinical research organization, saw its shares surge 14.6% in afterhours trading after reporting second-quarter earnings that exceeded analyst expectations and raising its full-year guidance.
The Dublin-based company reported adjusted earnings of $3.26 per diluted share for the second quarter, beating analyst estimates of $3.19. Revenue came in at $2.02 billion, surpassing the consensus estimate of $1.98 billion, though this represents a 4.8% decrease compared to the same quarter last year.
Icon raised its full-year 2025 revenue guidance to a range of $7.85-$8.15 billion, an increase of $50 million at the midpoint from its previous forecast. The company also updated its adjusted earnings per share guidance to a range of $13.00-$14.00.
"ICON made solid progress in quarter two despite the continuing challenges within the clinical development and macro-economic environments," said CEO Dr. Steve Cutler. "ICON’s innovative solutions continue to resonate with customers, leading to strong progression in gross business wins in the quarter, which increased 11% sequentially over quarter one."
The company reported gross business wins of $2.97 billion in the quarter, representing a 10.6% increase from the first quarter. Net business wins were $2.06 billion, resulting in a book-to-bill ratio of 1.02.
Adjusted EBITDA for the quarter was $396 million, or 19.6% of revenue, a 1.4% increase from the first quarter but a 12.1% decrease from the second quarter of 2024.
Icon’s board authorized an expansion of $500 million to its current share repurchase program, bringing the total value of authorized share repurchases to $1 billion. During the quarter, the company repurchased $250 million worth of stock at an average price of $146 per share.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.