Quest Diagnostics Lifts FY24 Outlook After Q1 Profit Beats View; Stock Up In Pre-market - Update

(RTTNews) - Quest Diagnostics (DGX), while reporting weak profit in its first quarter despite higher revenues, on Tuesday raised its fiscal 2024 forecast.

In pre-market activity on the NYSE, Quest shares were gaining around 3 percent to trade at $134.04.

For the year, the company now expects earnings per share between $7.57 and $7.82 and adjusted earnings per share between $8.72 and $8.97.

The company previously expected reported earnings per share of $7.69 to $7.99, and adjusted earnings of $8.60 to $8.90 per share.

Full year 2024 revenues are now expected to be between $9.40 billion and $9.48 billion, while previous outlook was $9.35 billion to $9.45 billion.

Analysts on average expect the company to report earnings of $8.75 per share on revenues of $9.4 billion, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

In its first quarter, Quest Diagnostics' earnings decreased from the same period last year but beat the Street estimates.

The company's bottom line came in at $194 million, or $1.72 per share. This compares with $202 million, or $1.78 per share, in last year's first quarter.

Adjusted earnings of $230 million or $2.04 per share for the period. Analysts had expected the company to earn $1.85 per share.

The company's revenue for the quarter rose 1.7 percent to $2.37 billion from $2.33 billion last year.

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