ICLR Misses on Q3 Earnings, Lowers 2024 Guidance, Stock Falls

Zacks10-28

ICON plc ICLR delivered third-quarter 2024 adjusted earnings per share of $3.35, up 1.5% from the year-ago period’s figure. However, the metric missed the Zacks Consensus Estimate by 12.99%. The ...

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However, the metric missed the Zacks Consensus Estimate by 12.99%.\nThe ...</p>\n\n<a href=\"https://finance.yahoo.com/news/iclr-misses-q3-earnings-lowers-123400740.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>ICLR Misses on Q3 Earnings, Lowers 2024 Guidance, Stock Falls</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nICLR Misses on Q3 Earnings, Lowers 2024 Guidance, Stock Falls\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-10-28 20:34 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/iclr-misses-q3-earnings-lowers-123400740.html><strong>Zacks</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>ICON plc ICLR delivered third-quarter 2024 adjusted earnings per share of $3.35, up 1.5% from the year-ago period’s figure. However, the metric missed the Zacks Consensus Estimate by 12.99%.\nThe ...</p>\n\n<a href=\"https://finance.yahoo.com/news/iclr-misses-q3-earnings-lowers-123400740.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"ICLR","symbol_name":"ICON plc","start_time":0,"source_url":"https://finance.yahoo.com/news/iclr-misses-q3-earnings-lowers-123400740.html","article_id":"2478482059","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/_aMgtCHWD_AcEvdCSVRbpA--~B/aD00NDU7dz02MjA7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/zacks.com/62a1df11c94046acffed2654620317fb"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2478482059","pubTimestamp":1730118840,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"ICON plc ICLR delivered third-quarter 2024 adjusted earnings per share of $3.35, up 1.5% from the year-ago period’s figure. However, the metric missed the Zacks Consensus Estimate by 12.99%.The company reported GAAP EPS of $2.36, up 19.8% from the year-earlier level.Find the latest EPS estimates and surprises on Zacks Earnings Calendar.Following the earnings announcement, ICLR stock fell 21% last Thursday.Total revenues decreased 1.2% year over year to $2.03 billion. The figure was down 1% on a constant currency  basis. The metric missed the Zacks Consensus Estimate by 1.2%.Gross business wins in the third quarter amounted to $2.83 billion and cancellations totaled $504 million. This resulted in net business wins of $2.33 billion and a book-to-bill of 1.15.However, the company remains encouraged with opportunities like strategic partnerships as well as increased flow from biotech.","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"ICLR":"ICON plc"},"translate_title":"ICLR第三季度盈利未达预期，下调2024年指引，股价下跌","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ICLR":1},"content_text":"ICON plc ICLR delivered third-quarter 2024 adjusted earnings per share of $3.35, up 1.5% from the year-ago period’s figure. However, the metric missed the Zacks Consensus Estimate by 12.99%.\nThe company reported GAAP EPS of $2.36, up 19.8% from the year-earlier level.\nFind the latest EPS estimates and surprises on Zacks Earnings Calendar.\nFollowing the earnings announcement, ICLR stock fell 21% last Thursday. \nICLR’s Q3 Revenues\nTotal revenues decreased 1.2% year over year to $2.03 billion. The figure was down 1% on a constant currency (CER) basis. The metric missed the Zacks Consensus Estimate by 1.2%.\nGross business wins in the third quarter amounted to $2.83 billion and cancellations totaled $504 million. This resulted in net business wins of $2.33 billion and a book-to-bill of 1.15.\nICLR’s Q3 Margins\nThe gross profit decreased 2.4% year over year to $594.1 billion. The gross margin contracted 35-basis points (bps) to 29.1%.\nSelling, general and administrative expenses rose 10.8% to $205.1 million.\nThe adjusted operating income was $386.3 million, suggesting a decrease of 8.2% year over year. The adjusted operating margin contracted 144 bps to 19%.\nCash Position\nICON exited the third quarter with cash and cash equivalents of $695.5 million compared with $506.6 million at the end of the second quarter. It had a net debt balance of $2.7 billion at the end of the reported quarter. \nCumulative cash flow provided by operating activities was $948.3 million compared with $720.9 million in the prior-year period.\nGuidance\nThe company lowered its full-year 2024 financial guidance.\nIt now expects revenues to be in the range of $8.26 - $8.30 billion (down from the previous guidance of $8.45-$8.55 billion), representing growth of approximately 1.7-2.2% year over year. The Zacks Consensus Estimate for the same is pegged at $8.51 billion.\nAdjusted earnings per share are anticipated to be in the range of $13.90 - $14.10 (down from the previous guidance of $15.00-$15.20), implying 8.7-10.2% year-over-year growth. The Zacks Consensus Estimate for the metric is pegged at $15.07.\nICON PLC Price, Consensus and EPS Surprise\n\n\nICON PLC price-consensus-eps-surprise-chart | ICON PLC Quote\n\nOur Take\nICON exited the third quarter with lower-than-expected results, wherein both earnings and revenues missed estimates. During the reported quarter, the company experienced slower-than-expected activity in its Biotech segment. It also faced lower-than-anticipated revenue contributions from two of its largest customers that are undergoing development model transitions. Moreover, several project delays and cancellations within the fast-burn vaccine area affected revenues. Additionally, the contraction of both margins is discouraging. The lowered 2024 guidance poses a concern for investors. \nHowever, the company remains encouraged with opportunities like strategic partnerships as well as increased flow from biotech. \nICLR’s Zacks Rank and Key Picks\nICON currently carries a Zacks Rank #4 (Sell).\nSome better-ranked stocks from the broader medical space are Phibro Animal Health PAHC, Veracyte VCYT and HealthEquity HQY.\nPhibro Animal Health reported fourth-quarter fiscal 2024 adjusted earnings of 41 cents per share, which topped the Zacks Consensus Estimate by 20.6%. Revenues of $273.2 million beat the Zacks Consensus Estimate by 4.1%. PAHC sports a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.\nPAHC’s fiscal 2025 earnings are expected to surge 31.9% compared with the industry’s 11.6% growth. The company’s earnings surpassed estimates in three of the trailing four quarters and missed in one, the average surprise being 4.1%.\nVeracyte, sporting a Zacks Rank #1 at present, posted second-quarter 2024 earnings of 30 cents per share, which beat the Zacks Consensus Estimate of a loss of 3 cents. Revenues of $114.4 million surpassed the Zacks Consensus Estimate by 14%.\nVCYT has an estimated earnings growth rate of 115.7% for 2024 compared with the industry’s 13.7%. The company’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 328.4%.\nHealthEquity, carrying a Zacks Rank #1 at present, reported a second-quarter fiscal 2025 adjusted earnings of 86 cents per share, which surpassed the Zacks Consensus Estimate by 22.9%. Revenues of $299.9 million topped the Zacks Consensus Estimate by 5.4%.\nHQY has an estimated long-term earnings growth rate of 28.2% compared with the industry’s 13.4%. The company’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 19.8%.\nWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report\nICON PLC (ICLR) : Free Stock Analysis Report\nPhibro Animal Health Corporation (PAHC) : Free Stock Analysis Report\nHealthEquity, Inc. (HQY) : Free Stock Analysis Report\nVeracyte, Inc. (VCYT) : Free Stock Analysis Report\nTo read this article on Zacks.com click here.\nZacks Investment Research","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2478482059"}