The company’s earning for 2013’s second quarter have been revealed by Laboratory Corp. of America Holdings (NYSE:LH); the report shows that the company’s revenues and EPS results are similar to the estimates that were made by analysts for the second quarter, which lasted till 30th of June, 2013. It also confirms Laboratory Corp’s 2013’s revenue guidance.
The Consensus Estimate for Capital IQ of $1.80 a share also matched Laboratory Corp’s earning for the second quarter at $1.80 a share; this figure is without items that are non-recurring. Revenues increased by 3.1% to $1.47 billion instead of the projected $1.46 billion. The per requisition revenue went down by 1.8%.
Laboratory Corp claims that due to some coverage denials and delays by a few of its payers the company’s per requisition revenue came down where the care pricing still stood stable.
The guidance for the year 2013 has also been issued by the company. From the Capital IQ Consensus of $7.08, EPS has been shrunk down from $6.85 – $7.15 to $6.90 – $7.10. The company’s expected revenue for 2013 is +2-3% at somewhere between $5.78 – $5.84 as compared to Consensus estimate for Capital IQ OF $5.79 billion, which also shows a negative figure of $0.35, which is the result of reduction of Medicare payment and exclusion of any changes due to repurchase of shares after the 30th of June, 2013.
Laboratory Corp marked $200-$220 million for capital expenditure and cash flow for operations is between $825 and $850 million. Because of company’s investment is consolidating the facility and testing platform replacement, the expected capital expenditure is higher as compared to previous years.
Laboratory Corp’s quarter’s revenue is $1,468.2 million whereas it has seen $151.9 million in net earnings. The revenue in 2013’s second quarter has gone up by 3.1% as compared to 2012’s second quarter. In 2013’s first half the company’s operating income has been reported to be $531.3 whereas the adjusted figure came down to $545.4 million.