Covance (CVD) Q2 beats on both EPS and revenue. Net earnings swung to a profit as year ago comps were weakened by write-downs and sales improved in its late-stage development business during the present quarter.
Its late-stage development segment posted 17% higher revenue Y/Y, led by stronger sales in central laboratories and clinical development.
Early-development segment revenue was down 2.3% over the prior year period.
The company narrowed its guidance for the year, now forecasting earnings of $3.10 to $3.20 a share, from $3 to $3.20, noting that it continues to expect annual revenue growth in the high-single digits. Shares +0.4% AH.