U.S. Markets closed

PRA Health Sciences beats Street 4Q forecasts

RALEIGH, N.C. (AP) _ PRA Health Sciences Inc. (PRAH) on Wednesday reported fourth-quarter earnings of $14 million.

The Raleigh, North Carolina-based company said it had net income of 22 cents per share. Earnings, adjusted for one-time gains and costs, came to 71 cents per share.

The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 63 cents per share.

The contract research organization posted revenue of $472.4 million in the period. Its adjusted revenue was $413.6 million, also beating Street forecasts. Six analysts surveyed by Zacks expected $405.6 million.

For the year, the company reported profit of $68.2 million, or $1.06 per share. Revenue was reported as $1.58 billion.

For the current quarter ending in April, PRA Health Sciences expects its per-share earnings to range from 57 cents to 62 cents.

The company expects full-year earnings in the range of $3.08 to $3.18 per share.

PRA Health Sciences shares have risen almost 9 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $59.98, a rise of 47 percent in the last 12 months.

_____

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PRAH at https://www.zacks.com/ap/PRAH

_____

Keywords: PRA Health Sciences, Earnings Report