PPD Reports 8.7% Revenue Jump In 2010

By Staff Reports, posted Feb 8, 2011

PPD Inc. released sizable fourth quarter earnings reports in addition to news that the company will buy back $200 million of stock from Barclays Capital. Fourth quarter 2010 earnings of $388.5 million combined with the accelerated stock repurchase will leave many shareholders smiling.

PPD fourth quarter earnings saw an 8.7 percent increase over net revenue of $357.4 million for the fourth quarter of 2009, according to a release.

“We were pleased to deliver on our commitment to shareholders by achieving our full year 2010 net revenue and diluted earnings per share guidance,” said David Grange, CEO of PPD, who today announced he will step down from his position in May.

PPD previously announced plans to repurchase $350 million of company stock, and the $200 million purchase from Barclays accelerates that timetable. Shareholders now account for higher percentages of ownership.

“Our accelerated share repurchase program is part of a balanced and disciplined strategy to return capital to our shareholders,” said Dan Darazsdi, chief financial officer of PPD in a release. “This program demonstrates our financial strength and reflects our confidence in the future outlook of PPD.”

Fourth quarter 2010 income from operations was $62.9 million, compared to $37.8 million for the same period in 2009. Fourth quarter 2010 diluted earnings per share were $0.40, compared to $0.16 for the fourth quarter of 2009. Fourth quarter 2010 diluted earnings per share included a gain of $7.7 million related to the company’s investment in Celtic Therapeutics, impairments of equity investments totaling $4.2 million related to the company's investment portfolio, and non-recurring building impairment and lease termination costs totaling $2.9 million.

Net revenue for the full year 2010 was $1.47 billion, compared to $1.42 billion for the full year 2009. Full year 2010 income from operations was $187.5 million, compared to $214.3 million for the full year 2009. Diluted earnings per share for the full year 2010 were $1.04, compared to $1.34 for the full year 2009.

“In the fourth quarter of 2010, we delivered solid net revenue growth year-over-year, while continuing to expand our operating margin and generating strong cash flow from operations. We intend to remain focused on our business development efforts, global productivity improvement, and cost control to create value for our shareholders,” Grange said in a release.

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