Quest Diagnostics Boosts 2009 Profit Outlook

MADISON, N.J. (AP) — Medical laboratory operator Quest Diagnostics Inc. on Tuesday raised its 2009 forecast after reporting a larger-than-expected profit in the third quarter.

Quest said it now expects net income of $3.80 to $3.85 per share up, from $3.70 to $3.80 per share. It still expects revenue to grow about 3 percent, which implies $7.47 billion, up from $7.25 billion a year ago.

According to Thomson Reuters, analysts are forecasting $3.79 per share and $7.48 billion for the year.

The medical laboratory operator said its profit jumped 73 percent in the quarter as the costs of a legal settlement came off its books.

In premarket trading, Quest shares rose $2.16, or 3.8 percent, to $58.87.