Laboratory Corporation of America® Holdings
358 South Main Street
Burlington, NC 27215
Telephone: (336) 584-5171
FOR IMMEDIATE RELEASE
Contact: Stephen Anderson - 336-436-5274
LABORATORY CORPORATION OF AMERICA® HOLDINGS
ANNOUNCES 2010 FOURTH QUARTER AND FULL YEAR RESULTS
Revenue Growth Drives Q4 Adjusted EPS of $1.34, up 15.5%, and
Operating Cash Flow of $259.2 Million -
Board Authorizes New $500 Million Share Repurchase Program
Burlington, NC, February 10, 2011 — Laboratory Corporation of America® Holdings (LabCorp®) (NYSE: LH) today announced results for the quarter and year ended December 31, 2010. These results include the operations of Genzyme Genetics for the month of December.
Fourth Quarter Results
Net earnings were $131.8 million compared to $142.7 million in the fourth quarter of 2009. Earnings per diluted share (EPS) were $1.26 compared to $1.33 in 2009. Earnings per diluted share, excluding restructuring and other special charges recorded in the fourth quarter of 2010 and 2009 (Adjusted EPS) were $1.34 and $1.16, respectively.
Operating income for the fourth quarter was $238.8 million compared to $215.8 million in the fourth of 2009. Operating income, excluding restructuring and other special charges recorded in the fourth quarter of 2010 and 2009 (Adjusted Operating Income) was $252.4 million and $221.9 million, or 19.5% and 19.1% of sales, respectively.
Revenues for the quarter were $1,295.4 million, an increase of 11.2% over the fourth quarter of 2009. Testing volume, measured by requisitions, increased 3.6% and revenue per requisition increased 7.3%.
Operating cash flow for the quarter was $259.2 million. The balance of cash at the end of the quarter was $230.7 million, and there were no outstanding borrowings under the Company’s $500.0 million
The following information was filed by Laboratory Corp Of America Holdings (LH) on Thursday, February 10, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.