UPDATE: LabCorp Posts Upbeat Q1 Profit

Laboratory Corporation of America Holdings LH reported a stronger-than-expected first-quarter profit. LabCorp's quarterly net income rose to $161.6 million, or $1.63 per share, from $127.1 million, or $1.23 per share, in the year-ago period. Excluding items, LabCorp earned $1.74 per share. LabCorp's revenue climbed 4% to $1.42 billion. Its medical testing services volumes gained 2.8%, while revenue per test climbed 1.2%. Analysts were expecting earnings of $1.67 per share on revenue of $1.4 billion. LabCorp shares closed at $90.68 yesterday.