This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Laboratory Corporation Of America® Holdings Announces 2012 Fourth Quarter And Full Year Results

Stocks in this article: LH

Laboratory Corporation of America ® Holdings (LabCorp ®) (NYSE: LH) today announced results for the quarter ended December 31, 2012.

Fourth Quarter Results

Net earnings were $120.2 million and earnings per diluted share (EPS) were $1.26 in the fourth quarter of 2012. Non-GAAP earnings per diluted share, excluding amortization, restructuring and other special charges recorded in the fourth quarter of 2012 (Adjusted EPS Excluding Amortization) were $1.54. Inclement weather reduced Adjusted EPS Excluding Amortization by approximately $0.09.

Operating income for the quarter was $215.3 million. Non-GAAP operating income excluding restructuring and other special charges recorded in the quarter (Adjusted Operating Income) was $242.2 million, or 17.2% of revenue. Inclement weather reduced Adjusted Operating Income margin by approximately 0.8%.

Revenues for the quarter were $1,405.3 million, an increase of 2.9% over the fourth quarter of 2011. Testing volume, measured by requisitions, increased 2.8% and revenue per requisition increased 0.1%. Inclement weather reduced volume growth by approximately 1%.

Operating cash flow for the quarter was $254.2 million. The balance of cash at the end of the quarter was $466.8 million, and there were no borrowings outstanding under the Company’s $1 billion revolving credit facility. During the quarter, the Company repurchased $136.0 million of stock, representing 1.6 million shares. As of December 31, 2012, $68.0 million of repurchase authorization remained under the Company’s previously approved share repurchase plan.

The Company announced that its Board authorized a new $1 billion share repurchase program. This authorization reflects the Company’s continued commitment to return capital to and create value for shareholders.

The Company recorded restructuring and other special charges of $20.7 million during the fourth quarter of 2012. In addition, during the quarter the Company recorded $6.2 million in accelerated amortization relating to the termination of a licensing agreement.

Full Year Results

Net earnings were $583.1 million and earnings per diluted share were $5.99 in 2012. Adjusted EPS Excluding Amortization in 2012 and 2011 were $6.82 and $6.37, respectively. During 2012, the impact of inclement weather reduced EPS by approximately $0.09.

1 of 6

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,677.90 +216.58 1.32%
S&P 500 1,950.82 +23.71 1.23%
NASDAQ 4,452.7920 +69.9450 1.60%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs