BURLINGTON – Laboratory Corp. of America Holdings (LH) on Thursday reported fourth-quarter profit of $227.1 million.
The Burlington-based company that has operations across the Triangle and North Carolina said it had net income of $2.32 per share. Earnings, adjusted for one-time gains and costs, came to $2.86 per share.
The results beat Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $2.80 per share.
“We had a strong finish to 2019, a year where we delivered solid revenue growth, adjusted EPS [earnings per share], and free cash flow,” said Adam Schechter, president and CEO of LabCorp. “We start 2020 with a clear strategy that leverages our science, technology, and delivery focused on our customers to improve health and improve lives. We are well positioned to drive continued growth and shareholder value in 2020 and beyond.”
The medical laboratory operator posted revenue of $2.95 billion in the period, which also beat Street forecasts. Seven analysts surveyed by Zacks expected $2.93 billion.
For the year, the company reported profit of $823.8 million, or $8.35 per share. Revenue was reported as $11.55 billion.
LabCorp expects full-year earnings in the range of $11.75 to $12.15 per share.
LabCorp shares have increased 11% since the beginning of the year, while the Standard & Poor’s 500 index has increased almost 5%. The stock has climbed 28% in the last 12 months.