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Quintiles beats 1Q profit forecasts

DANBURY, Conn. (AP) _ Quintiles Transitional Holdings Inc. (Q) on Wednesday reported first-quarter earnings of $74 million.

The Danbury, Connecticut-based company said it had profit of 31 cents per share. Earnings, adjusted for one-time gains and costs, came to $1.01 per share.

The results exceeded Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of 95 cents per share.

The clinical testing company posted revenue of $2.32 billion in the period. Its adjusted revenue was $1.91 billion, meeting Street forecasts.

For the current quarter ending in July, Quintiles expects its per-share earnings to range from $1.02 to $1.07.

The company said it expects revenue in the range of $1.93 billion to $1.97 billion for the fiscal second quarter.

Quintiles expects full-year earnings in the range of $4.45 to $4.60 per share, with revenue ranging from $8 billion to $8.1 billion.

Quintiles shares have risen 12 percent since the beginning of the year. The stock has increased 24 percent in the last 12 months.

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

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Keywords: Quintiles, Earnings Report