LabCorp Q2 Results Top Consensus - Quick Facts

(RTTNews) - LabCorp (LH) reported second-quarter net income of $231.6 million or $2.37 per share compared to $190.4 million or $1.93 per share last year.

The increase in net income and EPS in the quarter was primarily due to the Coronavirus Aid, Relief, and Economic Security Act or CARES Act Emergency Funding, which increased net income and EPS by $55.9 million and $0.42 per share, respectively.

Adjusted EPS declined 12.3% to $2.57 from $2.93 reported in the second quarter of 2019, due to the pandemic.

Revenue for the quarter was $2.77 billion, a decrease of 3.9% from $2.88 billion in the second quarter of 2019, due to a 5.4% decline of organic revenue, 0.3% decrease from the disposition of a business, and 0.1% decline from unfavorable foreign currency translation, partially offset by 1.9% from acquisitions.

Analysts polled by Thomson Reuters expected earnings of $0.99 per share on revenue of $2.5 billion for the quarter. Analysts' estimate typically exclude certain special items.