On Thursday, Shares of Quest Diagnostics Inc. (NYSE:DGX) gained 1.23% to $75.64. The 52-week range of the share price is from $59.66 – $89.00. The beta value for this stock stands at 0.593667 points, while its earnings per share (EPS) was $4.87. The company has total market capitalization of $10.74B and a total of 140.94M outstanding shares.
Quest Diagnostics Incorporated declared today that for the first quarter ended March 31, 2016, adjusted net income was $147 million, contrast to $141 million in 2015. Adjusted diluted EPS apart from amortization was $1.12 in the quarter, contrast to $1.05 in 2015.
Stated net income was $102.0 million, or $0.70 per diluted share, contrast to $61.0 million, or $0.42 per diluted share, in 2015. In the first quarter of 2016, stated net income was reduced by charges of $45.0 million after tax, or $0.320 per diluted share, of which $30 million is related to the early retirement of debt in March, 2016, with restructuring and integration costs accounting for the remainder. In the first quarter of 2015, stated net income was reduced by charges of $80 million after tax, or $0.54 per diluted share, principally associated with the early retirement of debt in 2015.
First quarter 2016 revenues were $1.860 billion. Revenues grew 3.60% as compared to the prior year on an equivalent basis, which excludes the first quarter 2015 revenues of the company’s clinical trials testing business that was contributed to the Q2 Solutions joint venture in July 2015. On a stated basis, revenues grew by 1.30% contrast to a year ago. Diagnostic Information Services revenues grew by 3.80% contrast to a year ago. Volume, measured by the number of requisitions, grew by 2.60% as compared to the prior year and revenue per requisition grew by 1.10%.
For the first quarter of 2016, adjusted operating income was $281.0 million, or 15.10% of revenues, contrast to $269.0 million, or 14.60% of revenues, in 2015. Stated operating income was $257 million, or 13.8% of revenues, contrast to $228.0 million, or 12.40% of revenues, in 2015.
Adjusted cash offered by operations was $190.0M during the first quarter of 2016 and $130 million in 2015. Stated cash offered by operations was $143.0M in the first quarter of 2016, contrast to $52.0M in 2015. Stated cash offered by operations was reduced by pre-tax cash charges associated with the early retirement of debt of $47 million in 2016 and $78 million in 2015.
Outlook for Full-Year 2016
- 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, a boost 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 stated revenues apart from 2015 clinical trials revenue totaling $85 million.
- Adjusted diluted EPS apart from amortization to be between $5.02 and 5.17.
- Adjusted cash offered by operations to approximate $1 billion.
- Capital expenditures to be between $250 million and $300 million.
