Quest Diagnostics Q1 Adj. EPS Miss Estimates; Backs FY14 Forecast - Quick Facts

(RTTNews) - Quest Diagnostics Inc. (DGX), a provider of diagnostic information services, reported Thursday that its first-quarter net income attributable to the company was $104 million or $0.71 per share, compared to $1366 million, or $0.85 per share in 2013.

Adjusted income, which excluded items, was $122 million or $0.84 per share, compared to last year's income from continuing operations of $143 million or $0.89 per share.

On average, 21 analysts polled by Thomson Reuters expected the company to report earnings of $0.88 per share for the quarter. Analysts' estimates typically exclude special items.

The company noted that the latest results were reduced by approximately $0.11 due to unseasonably harsh winter.

First-quarter revenues $1.75 billion declined 2.3 percent from prior year's $1.79 billion. Analysts estimated revenues of $1.75 billion for the quarter.

Diagnostic information services revenues decreased 2.1 percent. Volume, measured by the number of requisitions, increased 0.7 percent versus the prior year.

Looking ahead, the company continues to expect adjusted earnings per share from continuing operations to be between $3.95 and $4.15, and revenues to increase 2 percent to 4 percent compared to the prior year. Analysts expect earnings of $4.04 per share.

In pre-market activity, shares lost 0.99 percent, and traded at $57.77.