BURLINGTON – Laboratory Corp. of America Holdings (LH) on Tuesday reported second-quarter profit of $231.6 million.
The Burlington, North Carolina-based company said it had profit of $2.37 per share. Earnings, adjusted for one-time gains and costs, were $2.57 per share.
The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 78 cents per share.
“We continue to bring the full power of our combined diagnostics and drug development capabilities against this [COVID-19] virus, applying our scientific expertise and ingenuity across all aspects of testing, treatments, and vaccines,” said Adam Schechter, chairman and CEO, LabCorp.
“During the second quarter, we delivered solid performance across the company despite the impact of the pandemic. I continue to be impressed with how quickly our teams have rallied to confront each and every challenge put before them, and I want to thank our 65,000 employees, as their efforts have been heroic during this difficult time.”
The medical laboratory operator posted revenue of $2.77 billion in the period, which also beat Street forecasts. Six analysts surveyed by Zacks expected $2.42 billion. year-over-year revenue did drop from $2.9 billion.
LabCorp shares have climbed 19% since the beginning of the year, while the Standard & Poor’s 500 index has stayed nearly flat. The stock has increased 17% in the last 12 months.
