Quest Diagnostics Backs Outlook For First Half Of FY21 - Quick Facts

(RTTNews) - Ahead of its virtual meeting with analysts and investors at its Investor Day later on Thursday, Quest Diagnostics Inc. (DGX) reaffirmed its outlook for the first half of 2021.

For fiscal 2021, the company continues to project earnings in a range of $5.07 to $6.07 per share and adjusted earnings in a range of $5.90 to $6.90 per share on net revenues between $4.85 billion and $5.15 billion.

At the meeting, the company will report on progress made on its two-point strategy to accelerate growth and drive operational excellence, and provide a new long-term financial outlook.

The company said earnings from COVID-19 testing continue to help fund investments in the business, which will enable it to further accelerate growth and drive operational excellence. It added that its base business is poised to fully recover by the end of 2021.

The company also expects to deliver more than 2% revenue CAGR on the base business through strategically aligned accretive acquisitions. It will also drive operational excellence and continue to generate savings of approximately 3% per year.

Additionally, the company plans to execute $900 million in share repurchases of its common stock in the first half of 2021.