Covance Reports Second Quarter Revenue of $475M and EPS of $0.49

Covance Inc. CVD today reported earnings per diluted share for its second quarter ended June 30, 2010 of $0.49, including $0.09 of facility rationalization and other cost reduction actions during the second quarter, versus $0.60 in the first quarter of 2010 and $0.67 in the second quarter of 2009. On a consolidated basis, second quarter net revenues grew 2.0% year-on-year and operating margin was 8.9%. Operating margins, excluding the second quarter cost reduction actions of $7.7 million, was 10.6% in the quarter," said Joe Herring, Covance's Chairman and Chief Executive Officer. "