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Local Tech Wire

BURLINGTON, N.C. – (NYSE: LH) missed Wall Street analysts’ expectations in its first quarter earnings report Wednesday before the markets opened.

The Burlington-based firm, which is one of the world’s largest lab testing companies, reported a profit of $1.30 per share of $132.7, minus one-time and other special charges.

Analysts had expected a $1.31 profit.

LabCorp’s profit fell slightly from the $132.8 million profit for the same quarter a year ago. However, its earnings per share climbed 8 cents.

Revenues grew 3.3 percent to $1.2 billion, even though testing volume dropped 3.3 percent.

The company blamed “inclement weather” for having “a significant impact” on its performance.

“Despite unprecedented severe weather throughout the country, we delivered strong earnings and generated significant free cash flow,” said Chairman and Chief bExecutive Officer David King in a statement.

“We are pleased with our performance and continue to focus on delivering profitable growth,” he added.

LabCorp also reaffirmed its guidance for 2010 with projections of as much as 5 percent in revenue growth and earnings per share of between $5.35 and $5.55.