EResearch soars on Q4 results, 2003 outlook (ERES) by Tomi Kilgore
Shares of EResearch (ERES) are flying $3.20, or 18 percent, to $21.15 in pre-open trading after the provider of technology to the pharmaceutical and medical device industries reported fourth-quarter earnings, excluding non-recurring items, of 16 cents a share, up from 4 cents a share in the year-earlier period, and above the average analyst estimate compiled by Thomson First Call of 13 cents a share. Including a gain from the sale of an investment, earnings were 25 cents a share. Revenue rose 55 percent to $12.1 million. The company said it expects to earn 18 to 20 cents a share in the first quarter of 2003 and 82 to 86 cents for the year, versus current analyst forecasts of 12 cents and 67 cents, respectively.
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