This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Laboratory Corporation Of America® Holdings Announces 2013 Second Quarter Results

Stocks in this article: LH

Laboratory Corporation of America ® Holdings (LabCorp ®) (NYSE: LH) today announced results for the quarter ended June 30, 2013.

Second Quarter Results

Net earnings were $151.9 million and earnings per diluted share (EPS) were $1.62 in the second quarter of 2013. Non-GAAP earnings per diluted share, excluding amortization, restructuring and other special charges recorded in the second quarter of 2013 and 2012 (Adjusted EPS Excluding Amortization) were $1.80 and $1.77, respectively.

Revenues for the quarter were $1,468.2 million, an increase of 3.1% over the second quarter of 2012. Testing volume, measured by requisitions, increased 5.0% and revenue per requisition decreased 1.8%. Managed care pricing remained stable, but revenue per requisition decreased year over year due to previously-discussed Medicare payment reductions, delays and denials of coverage for existing tests by some payers after implementation of recently-adopted molecular pathology codes, the implementation of sequestration on April 1, 2013, and strong growth in the Company’s drugs of abuse testing.

Operating income for the quarter was $269.3 million. Non-GAAP operating income excluding restructuring and other special charges recorded in the quarter (Adjusted Operating Income) was $275.9 million, or 18.8% of revenue. Margins were negatively affected by the factors noted above.

Operating cash flow for the quarter was $137.6 million. The balance of cash at the end of the quarter was $111.3 million, and there were $225.0 million of borrowings outstanding under the Company’s $1 billion revolving credit facility. During the quarter, the Company repurchased $362.0 million of stock, representing 3.7 million shares. As of June 30, 2013, $592.1 million of repurchase authorization remained under the Company’s previously approved share repurchase plan.

The Company recorded restructuring and other special charges of $6.6 million during the second quarter of 2013.

Year-To-Date Results

Net earnings were $299.2 million and earnings per diluted share were $3.18 in the first half of 2013. Adjusted EPS Excluding Amortization in the first half of 2013 and 2012 were $3.53 and $3.51, respectively.

1 of 5

Select the service that is right for you!

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 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from

  • 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