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Quest Diagnostics

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Quest Diagnostics Inc.
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139.11

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$ 139.11

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1:56 a.m. Jan. 12, 2022 - By Ciara Linnane
Quest Diagnostics offers above-consensus guidance for Q4, raises 2022 outlookQuest Diagnostics Inc. offered guidance for the fourth quarter and full year on Wednesday that exceeded Wall Street estimates, driven by demand for COVID-19 testing services. The company is now expecting per-share earnings of $3.12 and adjusted EPS of $3.33, ahead of the $3.07 FactSet consensus. Revenue is expected to come to about $2.74 billion, ahead of the $2.56 billion FactSet consensus. For the full year, Quest is expecting EPS of $15.55 and adjusted EPS of $14.24, ahead of the $13.86 FactSet consensus. It expects revenue to come to about $10.79 billion, ahead of the $10.59 billion FactSet consensus. Looking ahead to 2022, Quest is expecting to exceed its own EPS guidance for adjusted EPS of $8.00, driven by COVID testing and growth in its base business, which will weigh against inflationary pressure and investments for growth. The company will report fourth-quarter earnings on Feb. 3. Shares were slightly higher premarket and have gained 25% in the last 12 months, while the S&P 500 has gained 24%.
2:05 a.m. Oct. 21, 2021 - By Steve Gelsi
Quest Diagnostics net income falls; hikes 2021 outlookQuest Diagnostics Inc. said Thursday its third-quarter net income fell to $505 million, or $4.02 a share, from $568 million, or $4.14 a share in the year-ago quarter. Adjusted earnings fell to $3.96 a share from $4.31 a share. Revenue at the medical testing company dropped to $2.774 billion from $2.786 billion. Analysts expected the company to earn $2.88 a share on revenue of $2.452 billion, according to a FactSet survey. Quest Diagnostics said it's lifting its 2021 profit target to a range of $13.50 to $13.90 a share, from its previous guidance of $11.65 to $12.35 share because of higher than expected COVID-19 testing volume. Analysts expected the company to earn $12.12 a share in 2021. Shares of Quest Diagnostics rose 3% in pre-market trades. As of Wednesday's close, the stock is up 23.2% so far this year, compared to a rise of 20.8% by the S&P 500.
2:17 a.m. Sept. 9, 2021 - By Steve Gelsi
Quest Diagnostics hikes financial estimates on Delta variant testing boostQuest Diagnostics Inc. on Thursday raised its 2021 financial outlook on the heels of increased testing activity for Covid-19. Since the company issued its last projections on July 22, it's seen stronger-than-expected molecular testing volumes through the end of August. The surge of the Delta variant is expected to continue to boost testing volumes. The Secaucus, N.J., company now expects 2021 earnings of $12.54 to $13.24 per share, compared to its previous outlook of $11.48 to $12.18 per share, with adjusted earnings of $11.65 to $12.35 per share, up from its earlier view of $10.65 to $11.35 per share. Revenue for 2021 is expected to top $9.84 billion and total up to $10.09 billion. At last check, analysts surveyed by FactSet expect 2021 earnings of $11.41 a share and revenue of just under $9.8 billion. Quest Diagnostics stock rose 0.8% in pre-market trades.
2:01 a.m. July 22, 2021 - By Tomi Kilgore
Quest Diagnostics adjusted profit more than doubles, beat expectationsQuest Diagnostics Inc. reported Thursday second-quarter adjusted profit that more than doubled to beat expectations, as revenue also topped forecasts, as the recovery in the lab results and diagnostics company cited a faster-than-expected recovery in its base business. Net income rose to $631 million, or $4.96 a share, from $185 million, or $1.36 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share grew to $3.18 from $1.42, beating the FactSet consensus of $2.87. Revenue increased 39.5% to $2.55 billion, above the FactSet consensus of $2.39 billion, as diagnostics information services revenue rose 40.2% to $2.47 billion. For 2021, the company expects revenue of $9.54 billion to $9.79 billion, compared with expectations of $9.45 billion, and expects adjusted EPS of $10.65 to $11.35 vs. expectations of $11.13. "his was the first quarter since 2019 that organic base testing revenues grew in the quarter, driven by contributions from new hospital lab management contracts as well as people returning to the healthcare system," said Chief Executive Steve Rusckowski. The stock, which was still inactive in premarket trading, has rallied 13.9% year to date while the S&P 500 has gained 16.0%.
1:56 a.m. March 11, 2021 - By Ciara Linnane
Quest Diagnostics to buy back $900 million of its own shares in first halfQuest Diagnostics Inc. said Thursday it will buy back $900 million of its own shares in the first half of 2021. In a statement released ahead of an investor day, the company said its long-term outlook is to achieve a compound annual growth rate of 4% to 5% for adjusted per-share earnings in the period from 2022 to 2024, and for the total company to grow 7% to 9%. "Earnings from COVID-19 testing continue to help fund investments in the business, which will enable us to further accelerate growth and drive operational excellence," Chief Executive Steve Rusckowski said in a statement. "Our base business is poised to fully recover by the end of 2021." The company is still expecting first-half EPS to range from $5.07 to $6.07 and for adjusted EPS to range from $5.90 to $6.90. It expects revenue to range from $4.85 billion to $5.15 billion in the period. Officials will offer detail on the company's capital deployment strategy at the virtual meeting. Shares were not yet active premarket, but have gained 17% in the last 12 months, while the S&P 500 has gained 42%.
1:54 a.m. Feb. 4, 2021 - By Ciara Linnane
Quest Diagnostics increases quarterly dividend, boosts share buyback by $1 billionQuest Diagnostics Inc. said Thursday its board has approved a 10.7% increase in its quarterly dividend to 62 cents a share. The new dividend will be payable April 21 to shareholders of record as of April 7. The board has also approved a $1 billion increase in the company's share buyback authorization, which still has $917 million available. Shares were down 2.5% premarket, but have gained 14% in the last 12 months, while the S&P 500 has gained 18%.
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