Q1 revenue of $2.79 billion, down 2% from $2.85 billion last year
Q1 diluted EPS of $1.86, up 11% from $1.67 last year; Q1 adjusted EPS of $2.62, down 6% from $2.78 last year
2019 adjusted EPS guidance increased to $11.05 to $11.45, from $11.00 to $11.40
2019 free cash flow guidance of $950 million to $1.05 billion, unchanged from prior guidance
Burlington, NC, April 30, 2019 - LabCorp®(or the Company) (NYSE: LH) today announced results for the first quarter ended March 31, 2019, and increased 2019 earnings guidance.
“During the quarter we delivered strong performance in both businesses, translating into solid revenue and earnings in light of the outsized impact of price reductions due to PAMA on our results,” said David P. King, chairman and CEO of LabCorp. “Our Diagnostics business delivered a solid performance in light of PAMA, with organic growth in revenue and volume. Covance grew revenue on a constant currency basis, expanded margins and continued to drive earnings. We deployed capital to share repurchase and several strategic acquisitions, further demonstrating our commitment to returning capital to shareholders and providing clients with innovative solutions that deliver value today and in the future. The value of our combination is increasingly apparent and we are well-positioned to drive growth in 2019 and the years to come.”
First Quarter Results
Revenue for the quarter was $2.79 billion, a decrease of 2.0% from $2.85 billion in the first quarter of 2018. The decline in revenue was primarily due to the negative impact from the disposition of businesses of 1.8% and foreign currency translation of approximately 0.9%, partially offset by acquisitions of 0.5% and organic growth of 0.2% (which includes the negative impact from PAMA of 0.9%).
The following information was filed by Laboratory Corp Of America Holdings (LH) on Tuesday, April 30, 2019 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: 0000920148-19-000053 Submitted to the SEC: Fri May 03 2019 10:28:36 AM EST Accepted by the SEC: Fri May 03 2019 Period: Sunday, March 31, 2019 Industry: Medical Laboratories