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LabCorp Q3 profit climbs 5.8% YOY; FY'19 outlook tightened

Laboratory Corporation of America Holdings said third-quarter adjusted net income came to $2.90 per share, compared with the S&P Global Market Intelligence consensus normalized EPS estimate of $2.85.

EPS climbed 5.8% year over year from $2.74.

Adjusted net income totaled $285.5 million, a gain from $281.8 million in the year-earlier period.

The Burlington, N.C.-based diagnostics company's revenues rose year over year to $2.93 billion from $2.83 billion.

Net income fell 30.8% on an annual basis to $220.7 million, or $2.25 per share, from $318.8 million, or $3.10 per share.

For the nine months ended Sept. 30, adjusted net income totaled $835.9 million, or $8.46 per share, down on an annual basis from $875.9 million, or $8.50 per share.

Revenues in the nine-month period increased year over year to $8.60 billion from $8.55 billion.

In reporting results, the company said it forecasts adjusted EPS in the range of $11.20 to $11.30 for the full year, a tightening from previous guidance in the range of $11.10 to $11.40.

The S&P Global Market Intelligence consensus normalized EPS estimate for the full year is $11.27.