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Quest Diagnostics Q4'17 earnings rise by 4.3%

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.