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LabCorp's (LH) Revenue Remains in Line, Misses Earnings
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Laboratory Corp. of America Holdings (LH - Free Report) 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 #3 (Hold) but that could change following its impressive third quarter 2016 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 dropped by a penny to $2.29 per share over the last 30 days. LabCorp’s adjusted earnings per share of $2.25 miss this estimate by 4 cents.
Sales: LabCorp posted sales of $2,372.7 billion, almost inline with the Zacks Consensus Estimate for sales of $2,373 billion.
Key Stats: Revenues from LabCorp Diagnostics segment increased 4.4% year over year to $1.67 billion in the third quarter, with total volume growth of 0.3%. Revenues from Covance Drug Development segment increased 4.8% to $701.1 million, owing to increased broad-based demand.
Major Factors:LabCorp demonstrated strong year over year growth in revenue and adjusted EPS in the third quarter, which according to management reflected the growing enthusiasm of the company’s customers for its differentiated product offering. The company’s raised guidance for 2016 on both top and bottom line front buoys further optimism.
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 Boston Scientific earnings report later!
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LabCorp's (LH) Revenue Remains in Line, Misses Earnings
Laboratory Corp. of America Holdings (LH - Free Report) 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 #3 (Hold) but that could change following its impressive third quarter 2016 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 dropped by a penny to $2.29 per share over the last 30 days. LabCorp’s adjusted earnings per share of $2.25 miss this estimate by 4 cents.
LABORATORY CP Price and EPS Surprise
LABORATORY CP Price and EPS Surprise | LABORATORY CP Quote
Sales: LabCorp posted sales of $2,372.7 billion, almost inline with the Zacks Consensus Estimate for sales of $2,373 billion.
Key Stats: Revenues from LabCorp Diagnostics segment increased 4.4% year over year to $1.67 billion in the third quarter, with total volume growth of 0.3%. Revenues from Covance Drug Development segment increased 4.8% to $701.1 million, owing to increased broad-based demand.
Major Factors:LabCorp demonstrated strong year over year growth in revenue and adjusted EPS in the third quarter, which according to management reflected the growing enthusiasm of the company’s customers for its differentiated product offering. The company’s raised guidance for 2016 on both top and bottom line front buoys further optimism.
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 Boston Scientific earnings report later!
Confidential from Zacks
Beyond this Tale of the Tape, would you like to see Zacks' best recommendations that are not available to the public? Our Executive VP, Steve Reitmeister, knows when key trades are about to be triggered and which of our experts has the hottest hand. Click to see them now>>