Quest Diagnostics Boosts FY21 Outlook - Quick Facts

(RTTNews) - Ahead of its virtual presentation at the 40th Annual J.P. Morgan Healthcare Conference later on Wednesday, Quest Diagnostics Inc. (DGX) announced preliminary financial results for the fourth quarter and full year 2021.

The company said fourth quarter results reflect higher than expected demand for COVID-19 testing services, while base testing volumes remained steady and consistent with the company's latest outlook shared on October 21, 2021.

For the fourth quarter, the company expects reported revenue to be approximately $2.74 billion, a decrease of 9% compared to $3.00 billion in 2020. The company also expects reported earnings of $3.12 per share and adjusted earnings of $3.33 per share.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $3.10 per share on revenues of $2.54 billion for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to fiscal 2021, the company expects reported revenue to be approximately $10.79 billion, an increase of 14% compared to $9.44 billion in 2020. The company also expects reported earnings of $15.55 per share and adjusted earnings of $14.24 per share.

Previously, the company expected earnings in the range of $14.69 to $15.09 per share and adjusted earnings in the range of $13.50 to $13.90 per share on net revenues between $10.45 billion and $10.60 billion.

The Street is looking for earnings of $13.97 per share on revenues of $10.56 billion for the year.

The company noted that full year 2021 results are expected to exceed the company's latest outlook shared on October 21, 2021. The full year performance reflects an increase in COVID-19 testing services and a steady recovery in the company's base testing volumes throughout 2021.