Quest Diagnostics Incorporated (DGX), the world’s leading provider of diagnostic information services, announced that for the first quarter ended March 31, 2016, adjusted net income was $147 million, compared to $141 million in 2015. Adjusted diluted EPS excluding amortization was $1.12 in the quarter, compared to $1.05 in 2015.
The company’s full year 2016 outlook, before special items, remains unchanged, as follows:
Revenues to be between $7.52 billion and $7.59 billion, an increase of 1.5% to 2.5% over 2015 revenues on an equivalent basis.
As part of the company’s strategy to refocus on Diagnostic Information Services, the company contributed its clinical trials testing business to the Q2 Solutions joint venture in July 2015. Revenues on an equivalent basis for full year 2015 are $7.41 billion and represent the reported revenues excluding 2015 clinical trials revenue totaling $85 million.
Adjusted diluted EPS excluding amortization to be between $5.02 and 5.17.
Adjusted cash provided by operations to approximate $1 billion.
Capital expenditures to be between $250 million and $300 million.
The company will provide an update on its revenue outlook after the close of the Focus Products divestiture, which is expected in the second quarter of 2016.
Quest Diagnostics Inc. earnings per share showed an increasing trend of 28.6% for the current fiscal year. The company’s expected EPS growth rate for next fiscal year is 540%.Analysts project EPS growth over the next 5 years at 7.87%. It has EPS annual growth over the past 5 fiscal years of 4.1% when sales grew 0.6. It reported 1.3% sales growth, and 69.5% EPS growth in the last quarter.
The stock is trading at $77.17, up 30.71% from 52-week low of $59.66. The stock trades down -1.19% from its peak of $78.1 and -2.16% below the consensus price target of $75.5. Its volume clocked up at 1.7 million shares which is higher than the average volume of 0.97 million shares. Its market capitalization currently stands at $10.92B.
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