WuXi PharmaTech (Cayman) Inc. reported unaudited consolidated financial results for the first quarter ended March 31, 2013. For the quarter, the company reported total net revenues of $131,865,000 compared to total net revenues of $118,028,000 for the same period a year ago. Operating income was $22,997,000 compared to $20,637,000 last year. Income before income taxes was $27,431,000 compared to $25,076,000 last year. Net income was $21,712,000 or $0.30 per diluted earnings share ADS compared to $20,988,000 or $0.28 diluted earnings share ADS last year. GAAP operating income increased 11.4% year over year, due to the 13.2% increase in gross profit, offset by a 14.8% increase in operating expenses, particularly selling and marketing expenses and research and development expenses. GAAP net income increased 3.4% year over year, due to the 11.4% year-over-year increase in operating income, offset by a 39.9% increase in income tax expense primarily due to the increase in taxable income and the one-time benefit of reversal of an uncertain tax provision in the first quarter of 2012. Non-GAAP operating income was $26,695,000 compared to $24,317,000 last year. Non-GAAP net income was $25,381,000 or $0.35 per diluted earnings share ADS compared to $24,473,000 or $0.33 per diluted earnings share ADS last year. Non-GAAP operating income increased 9.8% year over year, primarily due to the 11.6% increase in non-GAAP gross profit, partially offset by higher operating expenses, particularly selling and marketing expenses and research and development expenses. Non-GAAP net income grew 3.7% year over year, due to the 9.8% increase in non-GAAP operating income, offset by higher income tax expense primarily due to the increase in taxable income and the reversal of an uncertain tax provision in the first quarter of 2012. Capital expenditures were $6 million in the quarter. For the second-quarter of 2013, the company expects total net revenues of $138 million to $140 million, GAAP diluted earnings per ADS of $0.34 to $0.35 and Non-GAAP diluted earnings per ADS of $0.39 to $0.40. Now the company expects quarter revenue growth to accelerate in the second half of 2013 across several business units. The company reconfirmed the following full-year 2013 financial guidance: The company expects total net revenues of $565 million to $575 million, or 13-15% year-over-year growth; GAAP diluted earnings per ADS of $1.26 to $1.30, Non-GAAP diluted earnings per ADS of $1.49 to $1.53 and Capital expenditures of about $60 million. GAAP and non-GAAP gross margin and operating margin comparable to those in 2012. For the full year 2013, the company expects an effective tax rate of about 18.5%.

WuXi PharmaTech (Cayman) Inc., Q1 2013 Earnings Call, May 14, 2013

WuXi PharmaTech (Cayman) Inc. announced that they will report Q1, 2013 results at 5:00 PM, China Standard Time on May 13, 2013