Quest Diagnostics Inc. said fourth-quarter 2017 profit rose year over year and forecast growth in income for 2018.
The N.J.-based diagnostics company reported adjusted net income of $180 million, or $1.40 per share, up from $173 million, or $1.31 per share, in the same period of 2016.
The S&P Capital IQ normalized EPS consensus estimate for the fourth quarter was $1.37.
Quarterly revenues were up 4.1% year over year to $1.94 billion, results showed.
On a GAAP basis, the company's net income was up to $254 million, or $1.82 per share, from $155 million, or $1.09 per share, in the corresponding quarter of 2016.
Full-year results
Full-year 2017 adjusted income of $740 million, or $5.67 per share, was up from $682 million, or $5.15 per share, in 2016.
The S&P Capital IQ normalized EPS consensus estimate for 2017 was $5.65.
The company generated $7.71 billion in annual revenues, an increase of 2.6% year over year.
On a GAAP basis, full-year 2017 net income was at $772 million, or $5.50 per share, compared to $645 million, or $4.51 per share, in 2016.
Moving ahead, the company expects to post $6.50 to $6.70 in adjusted EPS for 2018. On a GAAP basis, EPS is expected at between $5.42 to $5.62.
The company is also targeting full-year 2018 revenues of between $7.70 billion and $7.77 billion.
Dividend increase
In separate news, the company authorized an 11% increase in its quarterly dividend to 50 cents.
The next payout is scheduled for April 18 to shareholders of record on April 4.
