Laboratory Corp of America Holdings LH reported a 4.1% drop in its third-quarter profit and lifted its adjusted earnings forecast for the year.
Laboratory Corp now projects adjusted earnings of $6.28 to $6.33 per share, versus its earlier forecast of $6.17 to $6.32 per share.
Laboratory Corp reported its quarterly income at $134.3 million, or $1.31 per share, down from $140 million, or $1.34 per share, in the year-ago period. Excluding other items, the company' earnings came in at $1.61 per share. Laboratory Corp's sales rose 10% to $1.4 billion. However, analysts were expecting earnings of $1.60 per share on revenue of $1.41 billion.
Laboratory Corp shares dropped 0.78% to close at $81.94 yesterday.
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