LabCorp shares rally 3% after lab testing giant tops earnings expectations
LabCorp
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BURLINGTON, N.C. – Shares in Laboratory Corp. of America (NYSE: LH) surged more than $2, or 3.4 percent, Thursday after the international clinical lab services company reported earnings topped expectations.
Shares ended up at $71.18, up $2.33.
On Friday, shares gave up some of those gains, closing at $70.73.
A year after making a series of job cuts and facility reductions, LabCorp reported $131.4 million, or $1.22 a share, in profits. Earnings were $1.10 a share for the same quarter in 2008.
"We are very pleased with our third quarter and year-to-date results, particularly with our strong revenue growth and cash flow. Pricing discipline, expense control, and continued growth of our esoteric testing allowed us to deliver strong results for our shareholders.” said David King, LabCorp’s chairman and chief executive officer.
Revenues increased 4.4 percent from last year to $1.18 billion.
Analysts polled by Thomson Reuters had expected a profit of $1.15 per share and $1.18 billion in revenue.
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