SUBSCRIBE

CATEGORIES

Quest Diagnostics beats profit estimates as non-COVID-19 businesses recover

imageStock Markets31 minutes ago (Apr 22, 2021 07:20AM ET)

(C) Reuters.

(Reuters) -Medical device maker Quest Diagnostics (NYSE:DGX) Inc beat first-quarter profit estimates on Thursday boosted by a recovery of its non-COVID-19-related businesses, which helped offset a fall in demand for its coronavirus testing services.

The company said it had seen an improvement in its core business as more people get vaccinated and expects demand for its testing services to fully recover by the end of this year. Quest in February had predicted COVID-19 testing volumes would decline through the first half of 2021.

Bigger rival Abbott Laboratories (NYSE:ABT) also saw a drop in demand for its COVID-19 tests and fell short of its first-quarter revenue estimates on Tuesday.

Quest also raised its profit forecast for the first half of 2021 to between $6.30 and $6.80 per share, from earlier expectations $5.90 to $6.90 per share.

Excluding items, Quest earned $3.76 per share, beating estimates of $3.71 per share, according to .

Net income attributable to the company rose to $469 million, or $3.46 per share, in the quarter ended March 31, from $99 million, or 73 cents per share, a year earlier.

Revenue increased 49.2% to $2.72 billion.

Quest Diagnostics beats profit estimates as non-COVID-19 businesses recover

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.