LabCorp Withdraws 2020 Financial Guidance - Quick Facts

(RTTNews) - LabCorp (LH) said, given the uncertainty regarding the COVID-19 pandemic, the company is withdrawing its 2020 financial guidance provided on February 13, 2020. The company noted that it expects to deliver solid adjusted earnings per share and free cash flow in 2020.

First quarter adjusted earnings per share was $2.37, a decrease of 9.5% compared to $2.62, previous year. On average, ten analysts polled by Thomson Reuters expected the company to report profit per share of $1.95, for the quarter. Analysts' estimates typically exclude special items.

First quarter revenue was $2.82 billion, an increase of 1.2% over $2.79 billion, prior year. The company said the increase was due to acquisitions of 3.4%, partially offset by the disposition of a business of 0.5% and lower organic revenue of 1.8%. Analysts expected revenue of $2.74 billion for the quarter.

As of March 31, 2020, the company had $324 million of cash and $924 million available under its revolving credit facility, which matures in 2022.