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Quest Diagnostics Inc. Message Board

  • bluecheese4u bluecheese4u Jul 22, 2012 7:09 PM Flag

    Quest Diagnostics Reports Second Quarter 2012 Financial Results

    Quest Diagnostics Reports Second Quarter 2012 Financial Results

    -- Adjusted diluted EPS of $1.17, up 4.5%

    -- Reported diluted EPS of $1.11, up 8.8%

    -- Revenues of $1.9 billion, essentially unchanged from prior year

    -- Full year adjusted earnings guidance unchanged; revenue growth outlook lowered to 1.0% - 2.0%

    MADISON, N.J., [b]July 19, 2012[/b] /PRNewswire/ -- Quest Diagnostics Incorporated (NYSE: DGX), the world's leading provider of diagnostic testing, information and services, announced today that for the second quarter ended June 30, 2012, adjusted income from continuing operations was $187 million, or $1.17 per diluted share, compared to $179 million, or $1.12 per diluted share, in 2011.

    For the second quarter of 2012, reported income from continuing operations was $178 million, or $1.11 per diluted share, compared to $164 million, or $1.02 per diluted share, in 2011. Income from continuing operations in the second quarter of 2012 was reduced by $0.06 per diluted share related to restructuring, integration, and CEO succession costs. In the second quarter of 2011, income from continuing operations was reduced by $0.10 per diluted share related to transaction and integration costs associated with the Athena Diagnostics and Celera transactions.

    Revenues were $1.9 billion for the second quarter, essentially unchanged compared to 2011. Clinical testing revenues increased 0.7%, with volume, measured by the number of requisitions, up 0.7% and revenue per requisition unchanged from a year ago.

    For the second quarter of 2012, adjusted operating income was $350 million, or 18.4% of revenues, compared to $337 million, or 17.7% of revenues, for 2011. Reported operating income was $335 million, or 17.6% of revenues, compared to $317 million, or 16.6% of revenues, in 2011. Cash provided by operations was $251 million, compared to $60 million in 2011. In 2011, cash provided by operations was reduced by the Medi-Cal settlement payment. During the second quarter of 2012, the company repurchased $50 million of its common shares.

    "Quest Diagnostics delivered earnings growth and margin expansion in the quarter, despite revenues that were essentially unchanged from a year ago," said Steve Rusckowski, President and CEO. "We are accelerating our efforts to drive productivity improvements, reduce costs and restore revenue growth. And we remain focused on increasing shareholder returns through a combination of improved operating performance and disciplined capital deployment."

    First Half Performance

    Revenues increased 3.2% from 2011, to $3.8 billion. For the first six months of 2012, adjusted income from continuing operations was $359 million, or $2.24 per diluted share, compared to $343 million, or $2.12 per diluted share in 2011. On a reported basis, income from continuing operations was $337 million, or $2.10 per diluted share, compared to $110 million, or $0.68 per diluted share, for the first half of 2011.

    Adjusted operating income for the first half of 2012 was $670 million, or 17.4% of revenues, compared to $638 million, or 17.0% of revenues, for 2011. On a reported basis, operating income was $634 million, or 16.5% of revenues, compared to $348 million, or 9.3% of revenues, in 2011. Cash provided by operations was $412 million in the first half of 2012. In 2011, cash provided by operations was $220 million and was reduced by the Medi-Cal settlement payment. During the first half of 2012, the company repurchased $100 million of its common shares.

    Outlook for Full-Year 2012 Updated

    For 2012, the

    http://ir.questdiagnostics.com/phoenix.zhtml?c=82068&p=irol-newsArticle&ID=1716244&highlight=

 
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