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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
