PAREXEL beats by $0.01, reports revs in-line; guides FY17 EPS below consensus, revs below consensus :
- Reports Q2 (Dec) earnings of $0.85 per share, $0.01 better than the Capital IQ Consensus of $0.84; revenues rose 3.1% year/year to $534.4 mln vs the $536.96 mln Capital IQ Consensus.
- Gross new business of $971 million, cancellations of $266 million
- Backlog increased 8.4% year-over-year to $5.94 billion
- Net book-to-bill of 1.32
- Co issues downside guidance for FY17, sees EPS of $3.15-3.43 vs. $3.74 Capital IQ Consensus Estimate, and down from $3.71-4.05 prior; sees FY17 revs of $2.08-2.12 bln vs. $2.15 bln Capital IQ Consensus Estimate, down from $2.15-2.19 bln prior
- Co expects recent strong new business awards to contribute less near-term revenue than it had anticipated, thus they are lowering forecast for Fiscal Year 2017 revenue and diluted EPS
- The guidance takes into account a number of factors, including recent foreign currency exchange rates, tax rates, the acquisitions of ExecuPharm and The Medical Affairs Company, the accelerated share repurchase program, the new restructuring program, and the Company's updated overall outlook. The impact of purchase accounting related to The Medical Affairs Company has not been included.
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