Quintiles Transnational Holdings Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Provides Earnings Guidance for the Full Year of 2014
Jul 31 14
Quintiles Transnational Holdings Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported total revenues of $1,341,030,000 compared to $1,295,680,000 a year ago. Income from operations was $141,000,000 compared to $94,897,000 a year ago. Net income was $85,110,000 compared to $38,353,000 a year ago. Net income attributable to the company was $85,120,000 compared to $38,517,000 a year ago. Diluted earnings per share were $0.64 compared to $0.30 a year ago. Income before income taxes and equity in earnings of unconsolidated affiliates was $114,139,000 compared to $46,719,000 a year ago. Adjusted EBITDA was $171,793,000 compared to $149,080,000 a year ago. Adjusted income from operations was $141,948,000 compared to $124,094,000 a year ago. Adjusted net income was $85,722,000 compared to $62,925,000 a year ago. Diluted adjusted earnings per share were $0.65 compared to $0.50 a year ago.
For the six months, the company reported total revenues of $2,648,876,000 compared to $2,524,521,000 a year ago. Income from operations was $282,316,000 compared to $210,062,000 a year ago. Net income was $175,324,000 compared to $86,509,000 a year ago. Net income attributable to the company was $175,303,000 compared to $86,826,000 a year ago. Diluted earnings per share were $1.32 compared to $0.71 a year ago. Income before income taxes and equity in earnings of unconsolidated affiliates was $236,851,000 compared to $128,676,000 a year ago. Net cash provided by operating activities was $38,697,000 compared to $1,385,000 a year ago. Acquisition of property, equipment and software was $35,832,000 compared to $60,277,000 a year ago. Adjusted EBITDA was $343,205,000 compared to $292,078,000 a year ago. Adjusted income from operations was $284,272,000 compared to $242,452,000 a year ago. Adjusted net income was $176,666,000 compared to $120,545,000 a year ago. Diluted adjusted earnings per share were $1.33 compared to $0.98 a year ago.
The company provided earnings guidance for the full year of 2014. For the period, the company increased service revenue guidance to $4.20 billion to $4.24 billion and increased diluted adjusted EPS guidance to $2.57 to $2.67 per share, representing diluted adjusted EPS growth of 22.4% to 27.1% compared to full year 2013. The annual effective income tax rate is estimated to be approximately 30%. This financial guidance is based on the actual results for the first six month period of 2014 combined with the estimates for the following six months of 2014, assuming the June foreign currency exchange rates stay in effect for the remainder of the year, and does not reflect the impact of any future equity repurchases. Diluted GAAP earnings per share expected to be between $2.49 and $2.61 per share.