BURLINGTON – LabCorp delivered earnings of $2.78 per share after adjustments for the first quarter of 2018, beating analysts’ expectations by 15 cents.
In announcing earnings Wednesday before the markets opened, LabCorp (NYSE: LH) reported an 18 percent year-over-year increase in revenue to $2.85 billion.
Thomson Reuters had expected $2.63 in earnings, based on a poll of analysts.
Financial guidance going forward remained unchanged at between $11.30 and $11.70 per share for the year.
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“We delivered another outstanding quarter, with strong results from each of our businesses demonstrating the power of our multi-faceted platform for growth,” said David King, LabCorp’s chairman and CEO.
“The Drug Development business had terrific performance, highlighted by organic revenue growth, robust margin improvement, and continued strength in book-to-bill. The Diagnostics business generated industry-leading organic volume growth despite adverse weather, and expanded key partnerships.
“As we have highlighted, our Diagnostics and Drug Development businesses are individual market leaders and, as an enterprise, we offer a unique ‘beyond-lab, beyond-CRO’ combination to our business partners. We continue to grow as a global leader in life sciences, positioning us to deliver long-term growth and substantial shareholder value.”
LabCorp shares closed at $1.68 on Tuesday.
