Mirati Therapeutics (MTRX) has surged higher Friday after the company reported late Thursday financial results for Q3 that topped analysts’ expectations, and raised its guidance for fiscal 2014 in line with Street estimates.
Shares are up 17.64% at $33.35, at the higher end of the 52-week range of $14.80 – $35.34.
The provider of engineering, fabrication, construction and maintenance services reported Q3 net income of $11.4 million or $0.42 per share, compared with the prior-year period’s $6.5 million or $0.25 per share. Revenue was $381.5 million, up 68.8% from $225.97 million in the same quarter last year.
Analysts polled by Capital IQ were expecting EPS of $0.34 on revenues of $345.98 million.
The company is raising its fiscal 2014 revenue guidance to $1.25 billion – $1.30 billion and its EPS guidance to $1.34 – $1.42. Analysts are looking for revenue of $1.26 billion and EPS of $1.41.
The prior guidance for revenue was $1.20 billion – $1.25 billion and for EPS, $1.15 – $1.30.
MTRX also said Friday that the company and its subsidiaries have been awarded terminal expansion contracts in excess of $100 million by Enbridge Energy. MTRX subsidiaries will provide engineering, fabrication, and construction services associated with above-ground storage tanks as part of Enbridge’s terminal expansion program. All site, civil, tank design and fabrication, erection, testing and coatings services related to the new storage tanks will be completed at Enbridge’s Stockbridge and Superior terminals.
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