Contract research lab Parexel International Corp. (NASQ:PRXL) boosted its forecast for the three months ended Dec. 31, 2009, and for calendar 2010, reversing downbeat predictions made in October.
The Boston-based contract research organization is now saying it expects to report net earnings of between $3.5 million and $4.6 million on revenues of up to $285 million during the second quarter. It also issued its initial forecast for calendar 2010, predicting profits of between $35 million and about $40.5 million on between $1.115 billion and $1.145 billion in revenues for the 12-month period.
The revised figures, disclosed in a Jan. 11 press release by Parexel, bump revenues for both the recently concluded fiscal second quarter and calendar 2010 by up to $10 million from earlier forecasts. The predicted six-cent to eight-cent second quarter gain reverses a like-sized loss in previous prognostications, but does not include costs connected with a company restructuring begun last summer, expected to whittle about 15 cents per share from the results.
Overall, the company anticipates the ongoing restructuring to shave up $30 million, or about 30 cents, from the bottom line during the fiscal 2010 period that ends in June at Parexel.
Parexel reports fiscal second quarter financials on Jan. 21.