BURLINGTON – Laboratory Corp. of America Holdings (LH) on Wednesday reported second-quarter net income of $233.8 million.
“We delivered another quarter of strong growth and disciplined capital deployment across our integrated enterprise, with double-digit increases in revenue and adjusted EPS over last year,” said David King, chairman and CEO., in a statement.
“The Drug Development business drove continued organic revenue growth and strong margin improvement, while winning and expanding strategic partnerships that will contribute to future study awards. The Diagnostics business expanded opportunities with key partners, and achieved solid results despite the negative impact from the implementation of PAMA. As a global leader in the expanding life sciences industry, our differentiated offering strengthens our ability to overcome segment-specific challenges, and create significant value for stakeholders now and for years to come.”
The Burlington-based company said it had net income of $2.27 per share. Earnings, adjusted for amortization costs and restructuring costs, were $2.98 per share.
The results beat Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $2.92 per share.
The medical laboratory operator posted revenue of $2.87 billion in the period, also topping Street forecasts. Nine analysts surveyed by Zacks expected $2.85 billion.
LabCorp expects full-year earnings in the range of $11.35 to $11.65 per share.
LabCorp shares have risen 16 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed 5.5 percent. The stock has increased 17 percent in the last 12 months.
