Laboratory Corporation of America
reported better-than-expected third-quarter results and announced an additional share repurchase program.
The company earned 81 cents a share in the latest quarter, up from 66 cents a share a year ago. Excluding restructuring costs and other charges, LabCorp would have earned 84 cents a share. Analysts were expecting a profit of 80 cents.
Quarterly sales reached $909.9 million, up 6.7% from a year ago and above analysts' estimates of $902.3 million.
Additionally, the company's board authorized a new buyback covering up to $500 million of stock. LabCorp has $100 million remaining through a previous repurchase plan.
For the full year, the company expects to see revenue growth of 6.5% to 7.2% and earnings per share of between $3.28 and $3.33, before factoring in certain items.
Next year, excluding the impact of shares repurchased after Sept. 30, the company is projecting revenue growth of 11% to 13% and earnings between $3.68 and $3.83 a share. The consensus estimate is $3.14.