This Day On The Street
Continue to site
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

Laboratory Corporation Of America® Holdings Announces 2013 Fourth Quarter And Full Year Results And Provides 2014 Guidance

Laboratory Corporation of America ® Holdings (LabCorp ®) (NYSE: LH) today announced results for the quarter and year ended December 31, 2013.

Fourth Quarter Results

Net earnings were $126.3 million and earnings per diluted share (EPS) were $1.43 in the fourth quarter of 2013. Non-GAAP earnings per diluted share, excluding amortization, restructuring and other special charges (Adjusted EPS Excluding Amortization) recorded in the fourth quarter of 2013 were $1.61. Weather late in the quarter reduced Adjusted EPS Excluding Amortization by approximately $0.03.

Operating income for the quarter was $215.0 million. Non-GAAP operating income excluding restructuring and other special charges (Adjusted Operating Income) recorded in the quarter was $219.0 million, or 15.2% of revenue.

Revenues for the quarter were $1,437.0 million, an increase of 2.3% over the fourth quarter of 2012. Test volume, measured by requisitions, increased 5.0%. Revenue per requisition was flat sequentially, but decreased 2.6% year over year.

During the fourth quarter, government payment reductions and molecular pathology payment issues reduced the Company’s year over year margins by approximately 170 basis points, reduced year over year revenue per requisition by approximately 2% and reduced year over year operating cash flow by more than $30 million. Also, growth in the Company’s toxicology business reduced year over year revenue per requisition by approximately 2% in the fourth quarter.

Operating cash flow for the quarter was $248.7 million. The balance of cash at the end of the quarter was $404.0 million, and there were no borrowings outstanding under the Company’s $1 billion revolving credit facility. During the quarter, the Company repurchased $251.6 million of stock, representing 2.5 million shares. As of December 31, 2013, $1,052.5 million of repurchase authorization remained under the Company’s share repurchase plan.

The Company recorded restructuring and other special charges of $4.0 million during the fourth quarter of 2013.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
YHOO $27.05 -3.29%
AAPL $95.01 1.05%
FB $99.75 -4.15%
GOOG $682.74 -0.12%
TSLA $147.99 -8.99%


Chart of I:DJI
DOW 16,027.05 -177.92 -1.10%
S&P 500 1,853.44 -26.61 -1.42%
NASDAQ 4,283.7530 -79.3910 -1.82%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs