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Quest Diagnostics Q4 Profit Miss Estimates, Guides 2013 Below Street

 January 23, 2013 08:08 AM
 


(By Mani) Quest Diagnostics, Inc. (NYSE: DGX) reported a lower fourth quarter profit that missed Wall Street estimates by a penny as Hurricane Sandy and restructuring charges weighed on results. The company also guided 2013 earnings and revenue below Street view.

For the quarter ended Dec.31, the company reported earnings attributable to common shareholders of $55.8 million, or 34 cents a share, compared to $189.5 million, or $1.19 a share, last year.

Hurricane Sandy reduced revenues by an estimated $21 million, operating income by an estimated $16 million and earnings per share by an estimated 6 cents. The company also recorded restructuring and integration costs of 14 cents a share.

Fourth quarter results include a benefit of 2 cents per share in 2012 and 8 cents in 2011 associated with discrete tax items. The company also reported loss from discontinued operations of $84.4 million, or 53 cents a share for the quarter.

Excluding items, adjusted income from continuing operations was $163 million, or $1.01 a share, compared to $191 million, or $1.20 a share, a year-ago.

Net revenues declined to $1.77 billion from $1.85 billion in the same quarter last year.

Wall Street expected earnings of $1.02 a share on revenue of $1.80 billion, according to analysts polled by Thomson Reuters.

Diagnostic information services revenues decreased 4.4 percent. Volume, measured by the number of requisitions, declined 2.4 percent and revenue per requisition was 2.0 percent below the prior year. The impact of Hurricane Sandy in the quarter is estimated to have reduced diagnostic information services revenues by 1.3 percen and volume by 1.0 percent.

For 2013, the company expects earnings from continuing operations, before special items, of $4.35 to $4.55 a share on revenue growth of between 0 percent and 1 percent. Analysts expect earnings of $4.81 a share on revenue of $7.53 billion, implying revenue growth of 1.1 percent.

Shares of Quest Diagnostics closed Tuesday's regular trading session at $61.83 on the NYSE.

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