WASHINGTON (dpa-AFX) - (Corrects Revenue Figures in 4th Paragraph)
Quest Diagnostics Inc. (DGX) reported first-quarter income attributable to company was $159.1 million, compared to a loss of $53.9 million in the year ago quarter. On a per share basis, net income was $0.99, compared to a loss of $0.33 last year.
Income from continuing operations in the first quarter of 2012 was reduced by $0.05 per diluted share related to restructuring and integration activities, and $0.03 per share related to CEO succession costs. In the first quarter of 2011, income from continuing operations was reduced by $1.33 per share related to the Medi-Cal charge and other special items.
Adjusted income from continuing operations was $171 million, or $1.07 per share, compared to $164 million, or $1.00 per share, in 2011. Analysts polled by Thomson Reuters expected the company to report earnings of $1.01 per share. Analysts' estimates typically exclude special items.
Net revenues increased 6.3% to $1.94 billion from $1.82 billion in the prior year quarter. Eighteen analysts had consensus revenue estimate of $1.88 billion for the quarter.
Looking ahead for fiscal 2012, the company now expects earnings from continuing operations, before special items, to be between $4.45 and $4.60 per share and revenues to grow between 2% and 2.5%. Analysts expect the company to report earnings of $4.54 per share on revenues of $7.68 billion.
Earlier, the company expected earnings from continuing operations, before special items, to be in a range of $4.40 - $4.55 per share, on anticipated revenue growth of 2 to 2.5 percent from fiscal 2011.
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