Medpace Holdings Gets $1B Buyback Authorization, Reports Higher 3Q Profit

Dow Jones10-22

Medpace Holdings said its board approved a new $1 billion stock buyback authorization and reported a higher third-quarter profit.

The authorization, which is effective through 2028, replaces a previous buyback authorization that had $527 million remaining, the company said. That authorization was effective through the end of this year.

The clinical contract research organization on Wednesday also reported a profit of $137.5 million, or $4.84 a share. That compares with a profit of $111.1 million, or $3.86 a share, a year earlier. Analysts polled by FactSet were expecting a profit of $4.44 a share.

Revenue rose to $716 million from $659.9 million a year prior. Analysts were expecting $714.5 million.

The company guided for full-year revenue of between $2.835 billion and $2.855 billion, lifting the bottom end of the range from $2.805 billion. Analysts are projecting full-year revenue of $2.85 billion.

It expects full-year earnings of between $17.97 and $18.32 a share, up from a range of $17.25 to $17.95 a share. Analysts are expecting $17.61 a share.

Shares of Medpace fell 1.4% to $653.00 in after-hours trading on Wednesday.

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