Quest Diagnostics Cuts FY17 EPS View, Updates Sales Forecast On Hurricane Impact

(RTTNews) - Quest Diagnostics Inc. (DGX), a provider of diagnostic information services, on Thursday trimmed its earnings forecast and updated sales view for fiscal 2017 primarily due to the financial impact of hurricanes and recently closed acquisitions in the third quarter.

For the year, reported earnings per share are now expected to be between $4.87 and $4.92, compared to previous estimate of $4.90 to $5.00.

Adjusted earnings per share excluding amortization expense are now expected to be between $5.62 and $5.67, compared to previous estimate of $5.62 to 5.72.

On average, 21 analysts polled by Thomson Reuters expect earnings of $5.63 per share for the year. Analysts' estimates typically exclude special items.

Reported revenues for the year are now expected to be approximately $7.71 billion, while previous estimate was between $7.69 billion and $7.74 billion. Analysts expect revenues of $7.69 billion.

Revenue are now expected to increase approximately 2.6%, compared to previous growth forecast of 2.3% to 3.1%.

The company said the revision primarily reflected the impact of hurricanes in the third quarter, especially on the company's operations in Florida and Texas, states where the company has a large presence. The financial impact also includes the impact of disruptions related to Hurricane Maria in Puerto Rico, as well as recently closed acquisitions.