BOSTON (AP) — Pharmaceutical research contractor Parexel International Corp. reported a 69 percent leap in fiscal fourth-quarter earnings Wednesday, boosted by increased service revenue and lower operating costs.
Parexel reported net income of $30 million, or 52 cents per share, up from $17.8 million, or 29 cents per share, in the 2012 fourth quarter. Excluding one-time items, Parexel would have earned 50 cents per share.
That was 7 cents better than the average estimate of analysts polled by FactSet, who predicted earnings of 43 cents per share on revenue of $455 million.
The company's service revenue increased 18 percent to $463.1 million. Revenue from reimbursement edged down to $63.7 million.
"Profit drivers include a more normalized operating environment, improved resource management, process improvements, and achievement of further synergies between our businesses," said CEO Josef von Rickenbach, in a statement.
For the full fiscal year, Parexel earned $96 million, or $1.61 per share, compared with $63.2 million, or $1.05 per share, for fiscal 2012.
The company said it expects earnings for fiscal 2014 between $1.95 and $2.11 per share on revenue of $1.89 billion and $1.92 billion.
Analysts are looking for earnings per share of $1.98 on revenue of $1.91 billion.
For the fiscal first quarter, Parexel forecast profit between 42 cents and 46 cents per share, on $55 million to $460 million in revenue. Wall Street is looking for earnings of 44 cents per share, on revenue of $454.1 million.
Company shares were unchanged afterhours from their regular trading close at $50.44. That's up more than 70 percent since the start of the year.