Labcorp delivers ‘strong’ results, notes CEO, in Street-beating quarter

BURLINGTON — LabCorp on Thursday reported third-quarter profit of $183.3 million in a quarter that delivered financials better than expected by Wall Street.

“Labcorp delivered strong third quarter results in our Diagnostics Laboratories and Biopharma Laboratory Services businesses,” said Adam Schechter, chairman and CEO. “The company has momentum in our health system strategy and is significantly advancing our specialty testing capabilities. We continue to harness science and technology to drive innovation and accelerate growth.”

On a per-share basis, the Burlington-based company said it had profit of $2.11. Earnings, adjusted for one-time gains and costs, came to $3.38 per share.

The results beat Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $3.37 per share.

The medical laboratory operator posted revenue of $3.06 billion in the period, also beating Street forecasts. Seven analysts surveyed by Zacks expected $2.99 billion.

Labcorp expects full-year earnings in the range of $13.25 to $13.75 per share.

Read the financial details online.

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