Pharmaceutical research contractor Parexel International Corp. posted a loss for its fiscal fourth quarter as it restructured part of its business.
Parexel said it lost $1.6 million, or 3 cents per share, in the three months ended June 30. A year earlier, the company reported a profit of $12.9 million, or 22 cents per share. Excluding one-time items including restructuring costs, Parexel said it earned 10 cents per share. Service revenue grew 5 percent to $310.5 million from $295.3 million.
Analysts expected an adjusted profit of 7 cents per share and $310.1 million in revenue, according to FactSet.
After reporting disappointing fiscal third-quarter results, Parexel announced in May that it would restructure the early stage part of its clinical research service business.
Parexel said its annual profit climbed 17 percent, to $48.8 million, or 81 cents per share, from $41.5 million, or 71 cents per share. Its revenue rose 7 percent, to $1.21 billion from $1.13 billion.
The company raised its forecast for the new fiscal year, saying it now expects a profit of 95 cents to $1.14 per share.
Nuance beats Wall St. forecast
Nuance Communications Inc. posted a profit for its fiscal third quarter, edging past Wall Street’s expectations.
The Burlington, Mass.-based company reported higher sales to medical facilities, which use Nuance’s speech recognition software for transcription, and to mobile and consumer electronics makers, which use the technologies for voice control and other features.
In the three months ended June 30, the company earned $41.6 million, or 13 cents per share, versus a loss of $1.5 million, or a penny per share, a year ago. Adjusted net income was 35 cents per share, a penny per share ahead of the 34 cents per share that analysts polled by FactSet were expecting.
Revenue rose 20 percent to $328.9 million, short of the $334.8 million analysts were expecting.