BURLINGTON – Its revenues growing with business up 13% year-over-year, Laboratory Corp. of America Holdings (NYSE: LH) on Thursday reported profit of $188.9 million in its second quarter. It’s the first quarterly report where financials from the recently Fortrea spinoff were not included.
While falling under Wall Street earnings expectations, Labcorp revenues did exceed what analysts expected. And its CEO insisted the quarter was a strong one.
“We delivered strong results in the quarter, and I’m optimistic about our opportunities for continued growth as Labcorp enters the second half of the year with significant momentum,” said Adam Schechter, chairman and CEO of Labcorp, in a statement. “Looking forward, we are focused on advancing our strategy as a global laboratory services leader. Labcorp continues to harness science, technology, and innovation to deliver better patient outcomes that improve health and improve lives, while enhancing shareholder value.”
Fortrea, which spun off June 30, includes Labcorp’s Clinical Development business. It began trading on the NASDAQ Stock Market under the symbol “FTRE” on July 3. Fortrea will issue its first earnings report on Aug. 14.
Labcorp, which employs thousands of people across North Carolina, noted it:
- Announced a $1.0 billion accelerated share repurchase program.
- Drove growth through new and expanded healthcare system partnerships.
- Reported second quarter revenue growth of 4% versus last year as the base business grew 13%.
On a per-share basis, the Burlington-based company said it had profit of $2.12. Earnings, adjusted for one-time gains and costs, came to $3.42 per share.
The medical laboratory operator posted revenue of $3.03 billion in the period.
Earnings fell short of Wall Street expectations for $3.50 per share.
Revenues, however beat an expected $2.99 billion.
This medical laboratory operator is expected to post quarterly earnings of $3.50 per share in its upcoming report, which represents a year-over-year change of -29.4%.
Looking ahead, LabCorp expects full-year earnings in the range of $13 to $14 per share.