Covance Reports Fourth Quarter Revenue of $492 Million, GAAP EPS of $0.45, and Pro Forma EPS of $0.56

Covance Inc. CVD today reported GAAP earnings for its fourth quarter ended December 31, 2010 of $0.45 per diluted share. Included in fourth quarter results is $0.22 per diluted share in costs from the previously-announced fourth quarter restructuring actions, partially offset by a gain of $0.11 per diluted share from favorable income tax resolutions in the quarter. Excluding these items, earnings per diluted share were $0.56 in the quarter. For the full-year, earnings per diluted share were $1.06 on a GAAP basis, inclusive of $1.15 per diluted share non-cash impairment charge incurred in the third quarter, $0.21 per diluted share in costs associated with restructuring charges incurred in the fourth quarter, partially offset by a gain of $0.27 per diluted share from favorable income tax resolutions during the year. Excluding these items, full-year earnings per diluted share were $2.15.