Quest Diagnostics Guides FY20 In Line, Boosts Dividend 5.7% - Quick Facts

(RTTNews) - While reporting financial results for the fourth quarter on Thursday, Quest Diagnostics Inc. (DGX) initiated its earnings and adjusted earnings guidance for the full-year 2020. The company also raised quarterly dividend and share repurchase authorization.

For fiscal 2020, the company now projects earnings to be greater than $5.51 per share and adjusted earnings to be greater than $6.60 per share on net revenues between $7.80 billion and $7.96 billion.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $6.73 per share on revenues of $7.89 billion for the year. Analysts' estimates typically exclude special items.

"Our guidance for 2020 reflects our continued momentum, partially offset by yet another year of meaningful reimbursement pressure," said Steve Rusckowski, Chairman, President and CEO.

Quest Diagnostics' Board of Directors authorized a 5.7 percent increase in its quarterly dividend to $0.56 from $0.53 per share, payable on April 21, 2020 to shareholders of record of Quest Diagnostics common stock on April 7, 2020.

The Board also increased the company's share repurchase authorization by $1 billion, bringing the total authorization available to $1.2 billion as of December 31, 2019.