If you are a frequent customer of commercial laboratory testing services in North America, you probably have been offered one or more diagnostic products of one of its leading providers– Quest Diagnostics Inc. DGX. Apart from the U.S., this company provides its laboratory services in several international markets including parts of India, England, Mexico and Puerto Rico.
Currently, Quest Diagnostics has a Zacks Rank #3 (Hold) but that could change following its first quarter 2016 earnings report which has just released. We have highlighted some of the key details from the just-released announcement below:
Earnings:The Zacks Consensus Estimate remained steady at $1.12 per share over the last 90 days. Quest Diagnostics’ adjusted earnings per share of $1.12 came in with this estimate.
Revenues:Quest Diagnostics posted revenues of $1.86 billion, beating the Zacks Consensus Estimate for revenues of $1.83 billion.
Key Stats: Quest Diagnostics’ volume, measured by the number of requisitions, increased 2.6% versus the prior year’s volume and revenue per requisition rose by 1.1%. Diagnostic Information Services revenues grew 3.8% year over year.
Major Factors: According to management, Quest Diagnostics kick-started 2016 delivering a solid performance in the first quarter. With the planned divestiture of its remaining products assets, the company’s current strategy is to refocus on its Diagnostic Information Services business. Year over year the company achieved strong growth in both top and bottom line front in the first quarter.
Stock Price: Following the earnings release, share prices did not show any movement in the pre-market trading session.
Check back later for our full write up on this Quest Diagnostics earnings report later!
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