PAREXEL International Corp. (NSDQ:PRXL) posted third-quarter revenues of $344.4 million for the three months ended March 31, up 10.8 percent compared with $311.0 million during the same period last year.
Net income for the Waltham, Mass.-based clinical research organization during the quarter was $12.8 million, or 22 cents per diluted share, down 10.0 percent compared with $14.2 million, or 25 cents per diluted share, during Q3 2009.
PAREXEL chairman and CEO Josef von Rickenbach said the company believes it’s turned a corner, with a third-quarter report that "clearly demonstrates a return to growth," according to prepared remarks.
“As we move into our fourth fiscal quarter and gain better perspective on calendar year 2010, we believe that the market for our services is continuing to recover. In this regard, we have seen a significant increase in the volume and value of pending requests for proposals from our clients," von Rickenbach said.
PAREXEL said it expects to bring the restructuring plan it launched last year to a close during its fourth quarter, logging about $5 million in additional Q4 charges , or about 5 cents per diluted share.
Absent that cost, the company predicted consolidated service revenue of between $294 million and $304 million for the fourth quarter and Q4 earnings per diluted share of 24 cents to 26 cents.
PAREXEL lowered its full-year forecast, saying it expects to post service revenues of $1.13 billion to $1.15 billion and earnings per diluted share of 66 cents to 72 cents. Its previous guidance was for service revenues of between $1.18 billion to $1.22 billion and diluted EPS of between 91 cents and $1.05.
The company’s shares were at $24.55 in mid-morning trading, up about 0.6 percent.