Labcorp Holdings Inc. Q3 Profit Increases, Beats Estimates

(RTTNews) - Labcorp Holdings Inc. (LH) reported earnings for its third quarter that Increased from last year and beat the Street estimates.

The company's bottom line came in at $261.1 million, or $3.12 per share. This compares with $169.3 million, or $2.00 per share, last year.

Excluding items, Labcorp Holdings Inc. reported adjusted earnings of $349.8 million or $4.18 per share for the period.

Analysts on average had expected the company to earn $4.14 per share. Analysts' estimates typically exclude special items.

The company's revenue for the period rose 8.6% to $3.563 billion from $3.282 billion last year.

Labcorp Holdings Inc. earnings at a glance (GAAP) :

-Earnings: $261.1 Mln. vs. $169.3 Mln. last year. -EPS: $3.12 vs. $2.00 last year. -Revenue: $3.563 Bln vs. $3.282 Bln last year.

Adam Schechter, CEO of Labcorp, said: "Labcorp's third-quarter performance reflects continued momentum in our Diagnostics and Central Laboratory businesses, resulting in strong revenue growth and margin improvement. Our performance led to double-digit adjusted EPS growth and strong cash flow in the quarter. We expect to finish the year strong as we remain focused on delivering value to our customers and shareholders."

Looking ahead, for the full year, the company has revised its earnings outlook.

Excluding items, Labcorp Holdings now expects annual earnings of $16.15 to $16.50 per share, compared with the earlier outlook of $16.05 to $16.50 per share.

Analysts, on average, forecast the firm to earn $16.3 per share for the year.

For fiscal 2024, the company had posted adjusted income of $14.57 per share.