Quest Diagnostics Reports Q3 Adj. Profit From Cont. Ops. Of $154 Mln

(RTTNews) - Quest Diagnostics Incorporated (DGX), a provider of diagnostic information services, reported that its third-quarter net income attributable to company increased to $405.1 million or $2.68 per share, from $163.1 million or $1.01 per share, last year. Income from continuing operations was $402.7 million or $2.66 per share, compared to $158.6 million or $0.98, a year ago. Reported income from continuing operations in the third quarter of 2013 was favorably impacted by the gain on sale of Ibrutinib royalty rights of approximately $300 million after tax, or $1.97 per share.

For the third quarter of 2013, adjusted income from continuing operations was $154 million, or $1.02 per share.

On average, 21 analysts polled by Thomson Reuters expected the company to report profit per share of $1.17 for the quarter. Analysts' estimates typically exclude special items.

Net revenues declined to $1.79 billion, from $1.82 billion, last year. Analysts expected revenue of $1.82 billion for the quarter. For 2013, the company estimates earnings per share to be between $3.85 to $3.95, from continuing operations, before special items, compared to previous guidance of between $4.35 and $4.50. Revenues are now expected to approximate 3.5% below the prior year, compared to previous guidance of 1% to 2% below the prior year level. Analysts expect the company to report full year earnings per share of $4.23, on revenue of $7.22 billion.