LabCorp 3Q profit rises 17 percent as costs dip

LabCorp reports fewer 1-time costs and says sales improved, leading to larger 3rd-qtr profit

• On 9:21 am EDT, Thursday October 22, 2009

BURLINGTON, N.C. (AP) -- Clinical lab services company Laboratory Corp. of America Holdings said Thursday its third-quarter profit rose 17 percent compared to a year ago, when it was closing facilities and cutting jobs.

LabCorp reported net income of $131.4 million, or $1.22 per share, in the latest quarter. In the third quarter of 2008, the company earned $111.9 million, or $1.10 per share, including $17.7 million in restructuring costs.

Revenue increased 4 percent to $1.19 billion from $1.14 billion.

Analysts expected profit of $1.15 per share and $1.18 billion in revenue, according to a Thomson Reuters survey.

LabCorp said testing volume edged up 0.7 percent in the latest quarter, and revenue per test rose 3.7 percent.

The company pared its profit forecast for the full year.