Laboratory Corporation of America (NYSE: LH) beat Wall Street analysts’ expectations for profits in the third quarter, reporting $1.47 earnings per share or $140 million.

The consensus of analysts as polled by Thomson Reuters was $1.40.

LabCorp announced quarterly earnings early Thursday before markets opened.

A year ago, the world’s largest laboratory testing company reported a $1.22 profit with earnings of $131.4 million..

Revenues surged 7.7 percent over a year ago to $1.28 billion.

The company said testing demand grew 1.9 percent while revenue per test increased 5.7 percent.

Looking ahead, LabCorp raised its profit expectations for all of 2010 to between $5.52 and $5.57 per share, up from $5.40 to $5.55.

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