Labcorp Lifts FY21 Adj. Earnings View Above Market

(RTTNews) - Laboratory Corporation Of America Holdings (LH) or Labcorp, a life sciences company, Thursday raised fiscal 2021 guidance to reflect its strong third-quarter performance and improved full-year outlook.

In pre-market activity on the NYSE, the shares were gaining around 2.3 percent to trade at $287.

For the year, adjusted earnings per share is now expected to be between $26 and $28, higher than previous view of $21.50 to $25, and up from last year's $23.94.

On average, 17 analysts polled by Thomson Reuters expect earnings of $24.16 per share for the quarter. Analysts' estimates typically exclude special items.

Total Labcorp Enterprise revenues are now expected to grow 13 percent to 14 percent from last year's $13.98 billion, compared to previous growth estimate of 6.5 percent to 9 percent.

Adam Schechter, chairman and CEO of Labcorp, said, "Our Base Business continued to perform well and grew 14.6 percent. As a result of our third-quarter performance and improved outlook for the balance of the year, we are raising our full-year financial guidance."