Quest Diagnostics Lifts Low End Of 2013 Earnings Outlook Range

(RTTNews) - Quest Diagnostics Inc. (DGX), a provider of diagnostic information services, on Thursday raised the lower end of its fiscal 2013 earnings outlook range, while maintaining its revenue guidance for the year.

For fiscal 2013, Quest Diagnostics now forecasts adjusted earnings from continuing operations in a range of $3.90 to $3.95 per share, compared to the prior guidance range of $3.85 to $3.95 per share. However, the company maintained its outlook for full-year revenues to be 3.5 percent lower than the prior year.

On average, analysts polled by Thomson Reuters expect the company to report fiscal 2013 earnings of $3.90 per share on revenues of $7.13 billion. Analysts' estimates typically exclude special items.

The Madison, New Jersey-bsed company said it continues to see the same challenges in the operating environment that it has identified and discussed over the past year, and remains focused on executing its five-point strategy to overcome these headwinds and grow.

Quest Diagnostics intends to provide guidance for fiscal 2014 in conjunction with the announcement of its fourth-quarter results in January 2014.

In mid-October, Quest Diagnostics reported a sharp increase in profit for the third quarter from last year, reflecting a gain on sale as well as a decline in operating costs and expenses.

Net income attributable to the company's common stockholders for the quarter climbed to $405.1 million or $2.68 per share from $163.1 million or $1.01 per share in the prior-year period. Net revenues for the quarter declined 2 percent to $1.79 billion from $1.82 billion in the same period last year.

DGX closed Thursday's trading at $53.81, down $1.39 or 2.52 percent on a volume of 4.55 million shares. However, in after-hours, the stock gained $0.71 or 1.32 percent to $54.52.