Quest Diagnostics Guides FY22 In Line; Q4 Results Top Estimates; Boosts Dividend 6.5% - Quick Facts

(RTTNews) - While reporting financial results for the fourth quarter on Thursday, Quest Diagnostics Inc. (DGX) initiated its earnings, adjusted earnings and revenue guidance for the full-year 2022, in line with analysts' estimates.

For fiscal 2022, the company now projects earnings in a range of $7.63 and $8.33 per share and adjusted earnings in a range of $8.65 and $9.35 per share on net revenues between $9.0 billion and $9.50 billion.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $8.71 per share on revenues of $9.21 billion for the year. Analysts' estimates typically exclude special items.

For the fourth quarter, the company reported net income attributable to the company of $390 million or $3.12 per share, down from $579 million or $4.21 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter were $3.33 per share, compared to $4.48 per share in the year-ago quarter.

Net revenues for the quarter declined 16 percent to $2.74 billion from $3.00 billion in the same quarter last year.

The Street was looking for earnings of $3.18 per share on revenue of $2.67 billion for the quarter.

Quest Diagnostics' Board of Directors also authorized a 6.5 percent increase in its quarterly dividend $0.66 per share, starting with the dividend payable on April 20, 2022 to shareholders of record of Quest Diagnostics common stock on April 6, 2022.