Medpace Holdings, a leading medical-research company, has announced impressive third-quarter earnings that have exceeded analysts’ expectations. This news has propelled Medpace Holdings’ shares to rise by 16% and reach a price of $264.94.
During the third quarter, Medpace Holdings achieved quarterly earnings of $70.6 million, equivalent to $2.22 per share. This signifies growth compared to the same quarter last year when earnings were $66 million or $2.05 per share. Analysts polled by FactSet had anticipated earnings of $65.9 million or $2.05 per share.
Robust Revenue Growth
Medpace Holdings also reported a substantial increase in revenue for the third quarter. The company generated $492.5 million in revenue, surpassing both last year’s figure of $383.7 million and the projected revenue of $475.8 million outlined by analysts.
Impressive Business Performance
Medpace Holdings experienced significant growth in new business awards during the third quarter. The company secured new business contracts amounting to $611.5 million, marking a 30% increase from the same quarter in the previous year. Furthermore, Medpace Holdings’ backlog as of September 30 rose by 20% to reach an impressive $2.69 billion.
Promising Future Outlook
Looking ahead, Medpace Holdings is optimistic about its future prospects. The company projects revenue for the year 2023 to range between $1.87 billion and $1.89 billion, aligning with analysts’ forecast of $1.87 billion. Additionally, Medpace Holdings anticipates earnings per share (EPS) to fall between $8.54 and $8.66, outperforming analysts’ prediction of $8.43 per share.