Advertisement
U.S. markets closed
  • S&P 500

    5,254.35
    +5.86 (+0.11%)
     
  • Dow 30

    39,807.37
    +47.29 (+0.12%)
     
  • Nasdaq

    16,379.46
    -20.06 (-0.12%)
     
  • Russell 2000

    2,124.55
    +10.20 (+0.48%)
     
  • Crude Oil

    83.11
    -0.06 (-0.07%)
     
  • Gold

    2,254.80
    +16.40 (+0.73%)
     
  • Silver

    25.10
    +0.18 (+0.74%)
     
  • EUR/USD

    1.0794
    -0.0035 (-0.32%)
     
  • 10-Yr Bond

    4.2060
    +0.0100 (+0.24%)
     
  • GBP/USD

    1.2623
    -0.0015 (-0.12%)
     
  • USD/JPY

    151.4420
    +0.1960 (+0.13%)
     
  • Bitcoin USD

    70,747.30
    +1,268.62 (+1.83%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • FTSE 100

    7,952.62
    +20.64 (+0.26%)
     
  • Nikkei 225

    40,168.07
    -594.66 (-1.46%)
     

LabCorp 4Q profit falls 11 pct, as charges add up

LabCorp 4th-quarter profit falls 11 percent, as one-time costs hurt performance

BURLINGTON, N.C. (AP) -- Laboratory Corp. of America Holdings' fourth-quarter earnings fell 11 percent, as restructuring charges and other one-time costs weighed on results for the clinical lab services company.

The Burlington, N.C., company earned $120.2 million, or $1.26 per share, in the three months that ended Dec. 31. That compares with net income of $135.4 million, or $1.34 per share, in the final quarter of 2011. Adjusted earnings were $1.54 per share, excluding restructuring charges and amortization expense.

Revenue climbed nearly 3 percent to $1.41 billion.

Analysts surveyed by FactSet expected, on average, earnings $1.61 per share on $1.39 billion in revenue.

LabCorp said it booked $20.7 million in restructuring and other special charges in the quarter. It also recorded $6.2 million in accelerated amortization tied to the end of a licensing agreement.

The company's testing volume grew nearly 3 percent in the quarter, even though bad weather hampered the growth.

For the full year, LabCorp earned $583.1 million, or $5.99 per share, on $5.67 billion in revenue. Adjusted earnings for the year were $6.82 per share.

For 2013, LabCorp expects adjusted earnings of $6.85 to $7.15, a forecast that includes a hit of about 35 cents per share from Medicare payment reductions.

Analysts expect, on average, earnings of $7.27 per share.

The company also said Friday its board of directors approved a new $1 billion share buyback program.

LabCorp shares fell 2 percent, or $1.82, to $89.81 in Friday morning trading. The stock is still up 4 percent so far this year.

Advertisement