Black Friday is Now! Don’t miss out on up to 60% OFF InvestingProCLAIM SALE

Medpace shares tumble over 12% on Q3 revenue miss, weak guidance

EditorRachael Rajan
Published 21/10/2024, 21:36
© Reuters.
MEDP
-

 

CINCINNATI - Medpace Holdings, Inc. (NASDAQ:MEDP) saw its shares plunge 12.29% after the clinical contract research organization reported third-quarter revenue that fell short of analyst expectations and provided weaker-than-expected guidance for the full year.

The company reported Q3 revenue of $533.3 million, up 8.3% year-over-year but below the consensus estimate of $543.08 million. Adjusted earnings per share came in at $3.01, beating expectations of $2.78.

For the full year 2024, Medpace now expects revenue between $2.09 billion and $2.13 billion, below the $2.14 billion analysts were projecting. The company forecasts earnings per share of $11.71 to $12.09, compared to the consensus of $11.79.

Medpace's net new business awards declined 12.7% year-over-year to $533.7 million in Q3. However, the company's backlog grew 8.8% to $2.93 billion.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

 

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2024 - Fusion Media Limited. All Rights Reserved.