WASHINGTON (dpa-AFX) - Laboratory Corp. of America Holdings (LH) reported fourth-quarter profit of $135.4 million or $1.34 per share, higher than last year's $131.8 million or $1.26 per share.
The company recorded restructuring and other special charges of $10.6 million during the recent quarter, which include $6.3 million in net severance and other personnel costs along with $1.7 million in net facility-related costs primarily associated with the integration of Orchid Cellmark and the continuing integration of Genzyme Genetics.
Adjusted earnings per share excluding amortization totaled $1.56, up from $1.46 in the prior-year quarter. On average, 24 analysts polled by Thomson Reuters expected the company to report earnings of $1.53 per share. Analysts' estimates typically exclude special items.
Revenues for the quarter grew to $1.37 billion from $1.3 billion in the comparable period a year ago. Analysts estimated revenues of $1.38 billion.
Testing volume, measured by requisitions, increased 1.2%, and revenue per requisition increased 4.2%.
Moving ahead, the company expects 2012 revenue growth of approximately 2.0% - 3.5%. Adjusted earnings per share excluding amortization is projected in the range of $6.75 to $7.05, excluding the impact of any share repurchase activity after December 31, 2011. Analysts expect the company to earn $6.93 per share, on revenues of $5.77 billion.
Laboratory Corp. also expects that Genzyme Genetics will be slightly accretive to 2012 earnings.
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