Q3 revenue of $2.8 billion, up 8% over $2.6 billion last year
Q3 diluted EPS of $3.10, which includes the net gain on the disposition of businesses of $1.22 per share
Q3 adjusted EPS of $2.74, which was negatively impacted by approximately $0.10 per share from the ransomware attack and Hurricane Florence
2018 adjusted EPS guidance of $11.25 to $11.45, up 22% to 24% over 2017, which is negatively impacted by approximately $0.10 per share from the ransomware attack and Hurricane Florence
2018 free cash flow guidance of $975 million to $1,025 million, which now includes a fourth quarter tax payment of approximately $125 million related to the disposition of the Food Solutions business
Burlington, NC, October 24, 2018 - LabCorp® (or the Company) (NYSE: LH) today announced results for the third quarter ended September 30, 2018, and updated its 2018 guidance.
“We are pleased with our performance in the quarter, highlighted by excellent results in our Covance Drug Development business and solid results in LabCorp Diagnostics,” said David P. King, chairman and chief executive officer. “Covance delivered growth in net orders, a strong book to bill and significant margin expansion, while Diagnostics continued its consistent organic revenue and volume growth. In addition, we made progress on our three strategic objectives, and initiated LaunchPad Phase II in Diagnostics to continue streamlining the business and reducing the fixed cost base. Despite the dynamically changing market, we have two strong businesses, outstanding cash flow and a strong balance sheet, positioning us well to deliver growth for the balance of this year and in the years ahead.”
Effective January 1, 2018, the Company adopted the FASB-issued converged standard on revenue recognition (ASC 606), using the full retrospective method. Unless otherwise indicated, all financial results in 2017 and comparisons to financial results in 2017 have been restated in this press release as if the Company had adopted ASC 606 on January 1, 2017.
The following information was filed by Laboratory Corp Of America Holdings (LH) on Wednesday, October 24, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: LH CIK: 920148 Form Type: 10-Q Quarterly Report Accession Number: 0000920148-18-000130 Submitted to the SEC: Tue Oct 30 2018 10:04:24 AM EST Accepted by the SEC: Tue Oct 30 2018 Period: Sunday, September 30, 2018 Industry: Medical Laboratories