Icon has once again raised its guidance for revenues and earnings per share (EPS) in fiscal year 2013, after the Dublin-based company delivered year-on-year increases of 19% and 59% respectively in third-quarter revenues and operating income.
The global provider of outsourced development services is now expecting revenues in the range of US$1.325 billion to US$1.33 billion and EPS of US$1.67 - US$1.70 for the whole of FY 2013.
ICON had already revised its FY 2013 forecasts upwards to revenues of US$1.3-US$1.32 billion and EPS in the range of US$1.54-US$1.64 at the second-quarter stage in July.
Net revenues for the three months ended 30 September 2013 were US$339.8 million, up by 19.0% over the US$285.5 million recorded in the third quarter of fiscal year 2012.
In the year to date, 45.5% of Icon’s net revenues have been generated in European markets, compared with 45.8% during the whole of FY 2012.
Of the remaining year-to-date revenues, 43.1% (42.3% in FY 2012) have come from the US and 11.4% (11.9%) from the rest of the world.
Unlike the first and second quarters of the year, Q3 2013 was free of restructuring charges.
Icon’s operating income came in at US$33.2 million (+59.9%) or 9.8% of revenue, against US$20.9 million or 7.3% of revenue in the same quarter last year.
Diluted earnings per share were US$0.45, up from US$0.29 in the third quarter of fiscal year 2012.
Book to bill
Icon reported gross business wins of US$471 million for the third quarter, representing a gross book-to-bill ratio of 1.4.
Net business wins were US$415 million, giving a net book-to-bill of 1.22 and leaving Icon with a closing backlog of US$2.97 billion for Q3 2013.
In the year-before quarter, gross and net new business wins were running at US$496 million and US$450 million respectively, with a net book-to-bill ratio of 1.59.