PAREXEL Intl Backs FY11 EPS $0.84-$0.88

Today, in conjunction with its Investor Day being held tomorrow in New York City, PAREXEL International Corporation PRXL announced forward-looking earnings expectations for the fourth quarter of Fiscal Year 2011 (ending June 30, 2011), for Fiscal Year 2011, and for Fiscal Year 2012. The Company is reconfirming its guidance for the fourth quarter of Fiscal Year 2011 and for all of Fiscal Year 2011, as issued in a press release dated May 2, 2011. To reiterate, for the fourth quarter of Fiscal Year 2011, the Company anticipates reporting consolidated service revenue in the range of $300 to $310 million, diluted earnings per share as reported under Generally Accepted Accounting Principles (GAAP) of $0.00 to $0.04, and adjusted earnings per diluted share of $0.05 to $0.09. Adjusted diluted earnings per share guidance excludes restructuring-related charges, currently estimated to be $4.0 million for the fourth quarter of Fiscal Year 2011, equating to approximately $0.06 per diluted share. For Fiscal Year 2011 (ending June 30, 2011), the Company continues to expect consolidated service revenue to be in the range of $1.202 to $1.212 billion, GAAP earnings per diluted share to be $0.84 to $0.88, and adjusted earnings per diluted share to be in the range of $0.90 to $0.94. Adjusted numbers exclude the impact of restructuring-related charges and special items during the Fiscal Year, as previously described in the May 2nd press release, and as noted above. The Company is providing guidance estimates for Fiscal Year 2012 for the first time, and anticipates reporting consolidated service revenue in the range of $1.340 to $1.380 billion, GAAP earnings per diluted share of $0.93 to $1.10, and adjusted earnings per diluted share in the range of $1.05 and $1.22. Adjusted numbers exclude the impact of restructuring and related charges totaling approximately $11.0 million, or about $0.12 per diluted share. The newly-issued guidance for FY 2012 includes the projected impact from the recently announced strategic partnership with Pfizer Inc.