12:14 PM EDT, 07/23/2024 (MT Newswires) -- (Updates with stock price movement in the headline and first paragraph.)

Medpace ( MEDP ) shares were nearly 18% in recent trading on Tuesday, a day after the company reduced its 2024 revenue outlook.

The company reported Q2 earnings late Monday of $2.75 per diluted share, up from $1.93 a year earlier.

Analysts polled by Capital IQ expected $2.53.

Revenue for the quarter ended June 30 was $528.1 million, up from $460.9 million a year earlier.

Analysts surveyed by Capital IQ expected $528.4 million.

The company said it expects 2024 EPS to be between $11.24 and $11.93 and revenue of $2.125 billion to $2.175 billion. Its previous guidance was for EPS of between $10.79 and $11.47 and revenue of between $2.15 billion and $2.20 billion.

Analysts polled by Capital IQ expect $11.24 and $2.17 billion, respectively.

Price: 359.70, Change: -77.48, Percent Change: -17.72