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Quintiles back as public company, says profit down

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DURHAM, NC (AP) -- Clinical testing company Quintiles Transnational Holdings Inc.'s first earnings report since becoming a public company again says second-quarter profits fell 18 percent to $38 million, or 30 cents a share, compared to the same period last year.

Quintiles reported Thursday that its revenues for the three months ending June 30 rose to $1.3 billion, up 5 percent from last year's second quarter, when the Durham-based company was owned by founder Dennis Gillings and hedge funds.

Quintiles calls itself the world's largest contract research company helping large pharmaceutical companies test and sell drugs.

Quintiles's shares rose 3 percent to $46.28 in late-morning trading on the New York Stock Exchange. The company's shares are 6 percent higher since it became public in May after a decade in private hands.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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