Medpace Holdings (NASDAQ:MEDP) saw a significant 16% increase in its share price to $264.94 Today, following a robust third-quarter earnings report that surpassed analysts' estimates. The firm registered earnings of $70.6 million ($2.22 per share), an uplift from the prior year's $66 million ($2.05 per share), exceeding FactSet analysts' forecast of $65.9 million ($2.05 per share).
The company's Q3 revenue also outperformed expectations, standing at $492.5 million, a notable increase from last year's $383.7 million and surpassing the projected $475.8 million. This growth was driven by new business awards in Q3, which amounted to $611.5 million, representing a 30% year-on-year rise.
By the end of September, Medpace's backlog had grown by 20%, reaching a substantial $2.69 billion. Looking ahead, the company has set its sights high with projections for its 2023 revenue between $1.87 billion and $1.89 billion, with earnings per share expected to land between $8.54 and $8.66, comfortably outpacing analysts' estimate of $8.43.
This strong performance and upbeat forecast signal Medpace's continued growth trajectory despite the challenges posed by the global economic environment, demonstrating the firm's resilience and strategic positioning in the market.
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