Earnings increased 10.5 percent in the second quarter of this year compared with last year for Laboratory Corp., matching Wall Street expectations.

LabCorp, a provider of various medical testing services, said Tuesday it earned profits of $128.7 million, or $1.05 a share, on revenues of $1.04 billion. Revenues were up 15 percent compared with the same quarter in 2006.

Excluding one-time charges for restructuring and other expenses, earnings jumped to $1.09 per share.

However, Wall Street reacted coolly to the news. LabCorp (NYSE: LH) shares closed down 36 cents at $78.42 Tuesday.