BURLINGTON – Labcorp’s double-header of news early Thursday – dominated by the fact the company is going to split in two – also included quartertly financials with profits topping Wall Street expectations.

The life science conglomerate reported second-quarter earnings of $358.6 million with a profit of $3.87 per share. Earnings, adjusted for one-time gains and costs, were $4.96 per share.

The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $4.67 per share.

Labcorp plans to spin off clinical development group, splitting giant in two

“Labcorp (NYSE: LH) continued to execute well during the second quarter,” said Adam Schechter, chairman and CEO of Labcorp, in a statement. “We remained dedicated to providing customers with the highest quality science and service while overcoming inflationary and macroeconomic challenges through our accelerated LaunchPad efforts. We also made significant progress against our strategy and today announced plans to spin-off our Clinical Development business, resulting in two independent businesses poised for strong, sustainable growth.”

The medical laboratory operator posted revenue of $3.7 billion in the period, but that total missed Street forecasts. Seven analysts surveyed by Zacks expected $3.82 billion.

Labcorp expects full-year earnings in the range of $19 to $21.25 per share.