Quest Diagnostics (DGX) Tops Q2 EPS by 5c; Maintains FY Adjusted EPS Outlook

Quest Diagnostics (NYSE: DGX) reported Q2 EPS of $1.37, $0.05 better than the analyst estimate of $1.32. Revenue for the quarter came in at $1.91 billion versus the consensus estimate of $1.91 billion.

"We had another good quarter of earnings growth and a solid first half," said Steve Rusckowski, President and CEO. "We've refocused our business on diagnostic information services, and without clinical trials or diagnostic products businesses, reported revenues decreased 1%, but we grew equivalent revenues more than 2% in the quarter. Our expanding hospital relationships, including the CLP acquisition and Barnabas Health PLS agreement, have been key contributors to growth this year, and our latest PLS agreement with HCA's HealthONE system will help continue the momentum. We continued to drive operational excellence, which produced Invigorate cost savings and also improvements in medical quality and our customer experience. We remain on track to meet our commitments for the remainder of the year."

GUIDANCE:

Quest Diagnostics sees FY2016 EPS of $5.02-$5.17, versus the consensus of $5.10. Quest Diagnostics sees FY2016 revenue of $7.47-7.53 billion, versus the consensus of $7.5 billion.

For earnings history and earnings-related data on Quest Diagnostics (DGX) click here.

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