Medpace (NSDQ:MEDP) shares surged today after the contract research organization posted second-quarter numbers that topped the consensus forecast.
Cincinnati-based Medpace reported profits of $27.5 million, or 73¢ per share, on sales of $214.1 million for the three months ended June 30, representing a bottom-line gain of 65.7% on sales growth of 25.8% compared with Q2 2018.
Adjusted to exclude one-time items, earnings per share were 91¢, a full 18¢ ahead of the consensus on Wall Street, where analysts were looking for sales of $202.8 million.
“In the second quarter, the business environment remained strong and our competitive win rate remained healthy,” president & CEO August Troendle said in prepared remarks. “Cancellations in the quarter returned to an anticipated historical range from elevated levels the past two quarters.”
Medpace said it expects to put up adjusted EPS of $2.82 to $2.93 on sales of $840.0 million to $860.0 million this year.
MEDP shares jumped 16.7% to $78.97 apiece today in early-afternoon trading.