ICON Plc Adjusts 2024 Outlook, EPS Misses in Q1
ICON Plc (ICLR) has adjusted its outlook for 2024, revising both revenue and adjusted EPS ranges. The company now anticipates revenue to fall within $8.48B-$8.72B, compared to the previous range of $8.4B-$8.8B. The consensus estimate for revenue is $8.64B. Similarly, adjusted EPS is now projected to be between $14.65 and $15.15, compared to the earlier range of $14.15-$15.30. The consensus estimate for adjusted EPS is $14.95.
In the first quarter of 2024, ICON reported a miss on diluted EPS despite meeting revenue expectations. Net income for the quarter experienced a substantial increase of approximately 61% year-over-year, reaching ~$187.4M. Diluted EPS came in at $2.25, a significant improvement from $1.41 in the corresponding period of the previous year.
Despite the EPS miss in Q1, ICON’s acquisition of PRA continues to generate synergies. This strategic move has positively impacted the company’s overall performance. ICON’s financial results and outlook suggest that the company remains well-positioned for continued growth and success in the healthcare industry.
