LabCorp lowers full-year profit forecast

LabCorp narrows and reduces profit expectations, but maintains 2009 revenue growth estimate

• On 9:32 am EDT, Thursday October 22, 2009

BURLINGTON, N.C. (AP) -- Clinical lab services company Laboratory Corp. of America Holdings trimmed its 2009 profit forecast on Thursday, but backed its revenue estimate.

LabCorp now expects a profit of $4.84 to $4.89 per share this year, compared with a previous forecast of $4.85 to $4.95 per share. It still anticipates revenue growth of about 4 percent, which implies approximately $4.69 billion in sales.

The profit outlook excludes 8 cents per share in charges related to LabCorp.'s acquisition of Monogram Biosciences. Including those costs it expects a profit of $4.77 to $4.87 per share. Monogram makes HIV tests and products intended to help drug developers create cancer treatments. LabCorp agreed to buy Monogram for $106.7 million in July.

Analysts expect LabCorp to post profit of $4.81 per share and $4.7 billion in revenue, according to a Thomson Reuters survey.

The company also reported its third quarter profit and revenue. Results beat analyst expectations.

Shares of LabCorp added 89 cents to $69.74 shortly after the market opened.