Icon reports more expectation-beating results

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Medtech, pharma and biotech development outsourcer Icon continues to beat the Street when it comes to its results.

Dublin, Ireland–based Icon (Nasdaq:ICLR) said today that it earned $78.5 million, or $1.43 per share, off $455.1 million in sales for the fourth quarter ended Dec. 31, 2017 – up from $74.3 million, or $1.33 per share, in profits off $435.1 million in revenue for the same quarter a year before.

Analysts on average had expected fourth-quarter profits of $1.42 per share off $454.6 million in revenue, according to Yahoo Finance.

Profits and revenue for all of 2017 were $295.7 million and $1.76 billion respectively, up from $269.3 in profits and $1.67 billion in revenue in 2016.  The full-year earnings results also beat analysts’ expectations, with the revenue matching predictions.

“Positive business win trends across all customer segments have diversified our business, resulting in backlog growth of 17% year on year and reducing our top customer concentration to 13% in quarter four from 24% in the same quarter last year,” said Icon CEO Steve Cutler, who predicted that 2018 will be another year or robust revenue and earnings growth.

Icon has been on a roll this year. It previously reported an expectation-beating third quarter.

This afternoon, the company’s stock is up about 3.5% in value, trading at about $114 per share.

 

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