PPD, Inc., the global contract research company, reported mixed third-quarter financial results on Tuesday, with revenues coming in stronger-than-expected, while earnings missed estimates.

For the third quarter, the company reported adjusted net income of $108.2 million, or 30 cents per share, missing forecasts of 32 cents per share.

PPD posted third-quarter revenue of $1.23 billion, up 20.5 percent compared to the same period a year ago, beating analysts’ estimates of $1.12 billion. The lab segment saw revenues climb 26.6 percent, while the clinical segment experienced a 19.2 percent increase.

“Our performance in the third quarter exceeded our targets,” CEO David Simmons said during a call with analysts on Wednesday. “We had revenue growth of 20.5 percent with strong performances across lab and clinical segments.”

Simmons emphasized that the company’s main priorities are safety for its customers and employees and business continuity.

“Our success hinges on the tenure and talent of our team,” Simmons said.

PPD said it expects fourth-quarter guidance revenue to be between $1.25 billion to $1.29 billion. The company did not release any information regarding 2021 guidance.

“Turning to 2021, we don’t plan on giving 2021 formal guidance until the fourth-quarter earnings call,” CFO Chris Scully said in the call, pointing to the uncertainty in the upcoming months regarding the coronavirus pandemic.

“As we look towards 2021, I am confident to continue our trajectory,” Simmons said, citing PPD’s continuing growing backlog and sustained conversion rates.

“Innovation is continuing at an accelerated pace. I continue to see a positive future for the industry and PPD in particular,” the CEO added.

Shares of PPD Inc. (PPD) were up $0.73, or 2.15 percent, on Wednesday morning.