UPDATE: Laboratory Corp Reports 4.1% Decline In Q3 Profit, Lifts Earnings Forecast

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.