Medpace Holdings Inc MEDP shares are falling in Monday’s after-hours session after the company reported mixed financial results and adjusted its forward guidance.
- Q2 Revenue: $528.1 million, versus estimates of $528.44 million
- Q2 EPS: $2.75, versus estimates of $2.54
Total revenue was up 14.6% on a year-over-year basis. Medpace said its backlog increased 13.7% year-over-year to $2.925 billion.
The company generated $116.4 million in cash flow during the quarter. Medpace ended the quarter with $510.9 million in cash and cash equivalents.
Outlook: Medpace revised its full-year 2024 revenue forecast from a range of $2.15 billion to $2.2 billion to a new range of $2.125 billion to $2.175 billion versus estimates of $2.17 billion.
In contrast, Medpace raised its full-year 2024 earnings outlook from a range of $10.79 to $11.47 per share to a new range of $11.24 to $11.93 per share versus estimates of $11.25 per share.
Management will hold a conference call to discuss these results Tuesday morning at 9 a.m. ET.
See Also: Cadence Design Reports Q2 Results, Forward Guidance: Here’s The Details
MEDP Price Action: Medpace shares were down 13.08% at $380 at the time of publication, according to Benzinga Pro.
Photo: 3844328 from Pixabay.
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