LabCorp (LH) Beats on Earnings & Revenues in Q1
Laboratory Corp. of America Holdings LH is a leading independent clinical laboratory, whose offerings include a broad range of routine tests (including blood chemistry analysis, urinalyses, blood cell count, thyroid test, Pap tests and HIV tests) as well as specialty testing operations or esoteric testing.
Currently, LabCorp has a Zacks Rank #2 (Buy) but that could change following its first quarter 2018 earnings report which has just released. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
We have highlighted some of the key details from the just-released announcement below:
Earnings: The Zacks Consensus Estimate is pegged at $2.64 per share over the last 30 days. LabCorp’s adjusted earnings per share of $2.78 beat the consensus mark and is up 31% on a year-over-year basis.
Sales: LabCorp posted net revenues of $2.85 billion, which has also beat the Zacks Consensus Estimate of $2.78 billion. The figure is up 18% on year-over-year basis.
Key Stats: Revenues from LabCorp Diagnostics segment increased 8% year over year to $1.77 billion in the first quarter, with total volume growth of 6.9%.
Revenues from Covance Drug Development segment increased 39.3% to $1.08 billion, courtesy of solid organic growth and the benefit from foreign currency translation.
Laboratory Corporation of America Holdings Price and Consensus
Laboratory Corporation of America Holdings Price and Consensus | Laboratory Corporation of America Holdings Quote
Major Factors: Management seemed to be upbeat about LabCorp’s impressive first quarter results. Notably, the Diagnostics and Drug Development businesses each delivered excellent performance in the first quarter through a combination of strategic acquisitions, organic initiatives, and margin improvement.
The company has also updated its previously-issued 2018 guidance.
Stock Price: Following the earnings release, share prices did not show any movement in the pre-market trading session.
Check back later for our full write up on this LabCorp earnings report later!
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