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Quest Diagnostics Q3 income rises 2.6% YOY; outlook revised

Quest Diagnostics Inc. said its third-quarter earnings grew by 2.6% year over year and updated its outlook for 2019.

Adjusted income from continuing operations attributable to the company totaled $241.0 million, or $1.76 per share, up from $235.0 million, or $1.68 per share, in the year-earlier period.

The S&P Global Market Intelligence consensus normalized EPS estimate for the quarter was $1.71.

The Secaucus, N.J.-based diagnostic services provider said its net revenues rose 3.5% on an annual basis to $1.96 billion from $1.89 billion.

On a GAAP basis, income from continuing operations attributable to Quest Diagnostics amounted to $215.0 million, or $1.56 per share, compared with $213.0 million, or $1.53 per share, in 2018.

For the nine months ended Sept. 30, Quest Diagnostics' adjusted income from continuing operations came in at $668.0 million, or $4.89 per share, a 3.3% decline from $691.0 million, or $4.95 per share, in the prior-year period.

Net revenues for the same period reached $5.80 billion, up 1.9% from $5.69 billion a year earlier.

The company said reported income from continuing operations decreased 3.9% on an annual basis to $585.0 million, or $4.27 per share, from $609.0 million, or $4.37 per share, in the same year-ago period.

Quest Diagnostics revised its guidance for the full year, with adjusted EPS now expected to be in the range of $6.45 to $6.50, from its prior outlook of more than $6.40.

Full-year net revenues are also anticipated to increase by 2.5% to about $7.72 billion. Quest Diagnostics previously expected revenue growth for 2019 of 1% to 3%, or $7.60 billion to $7.75 billion.

The S&P Global Market Intelligence consensus normalized EPS estimate for 2019 is $6.50.