LabCorp (NYSE:LH) reported first quarter earnings of $147.2 million on revenue of $1.44 billion.
The Burlington-based laboratory testing and diagnostics services company’s earnings per diluted share were $1.56, falling short of analyst estimates. The company said in a statement that margins were negatively affected by weather, Medicare payment reductions and the number of days in the quarter. Inclement weather affected testing volumes by approximately 0.5 percent.
During the first quarter, LabCorp repurchased $113.9 million of stock, representing 1.3 million shares. As of March 31, the company’s $954.1 million of repurchase authorization remained under the previously approved share repurchase plan. LabCorp also recorded $7.5 million in restructuring and other special charges in the first quarter
