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LabCorp Q4'17 profit climbs YOY; provides guidance for 2018

Laboratory Corp. of America Holdings said its fourth-quarter 2017 adjusted earnings came to $2.45 per share, compared with the S&P Capital IQ normalized EPS consensus estimate of $2.38 per share.

Adjusted EPS rose 14% year over year from $2.15 in the fourth quarter of 2016.

Net revenue climbed on an annual basis to $2.8 billion from $2.43 billion.

On a GAAP basis, net earnings attributable to LabCorp rose year over year to $706.8 million, or $6.81 per share, from $184.4 million, or $1.75 per share, in the same quarter of 2016.

The company's GAAP earnings were positively impacted by the U.S. tax reform law, resulting in a benefit of $519 million.

Full-year results

For full-year 2017, the company booked an adjusted EPS of $9.60 which compared to $8.83 for 2016.

The S&P Capital IQ normalized EPS consensus estimate for 2017 was $9.53.

LabCorp's full-year revenue grew to $10.44 billion from $9.64 billion in 2016.

On a GAAP basis, net earnings of $1.27 billion, or $12.21 per share, was an increase from $732.1 million, or $7.02 per share, in 2016.

The company said it is targeting 2018 adjusted EPS of between $11.30 and $11.70 this year.