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Quest Diagnostics Reports Fourth Quarter 2011 Financial Results; Provides Guidance for 2012
Date:1/24/2012

hased $50 million of its common shares.

"During the fourth quarter, revenues grew 3%, adjusted earnings per share increased 19%, and cash flow remained strong," said Surya N. Mohapatra, Ph.D., Chairman and CEO. "We continued to make progress in executing our growth plan and reducing costs. In 2011, we established a solid foundation of strategic assets and capabilities focused on cancer, cardiovascular disease, infectious disease and neurological disorders. In addition, we commenced a multi-year $500 million cost-reduction initiative and returned $1 billion in cash to our shareholders through a combination of share repurchases and dividends. Beginning in 2012, we are increasing our quarterly cash dividend by 70%, and today, we announced our Board of Directors has approved an additional $1 billion share repurchase authorization. We are well positioned for the future, and remain focused on increasing shareholder value."

Full Year 2011 Performance
Revenues of $7.5 billion increased 1.9% from 2010. The acquisitions of Athena and Celera contributed 2.2% to revenue growth. For 2011, adjusted income from continuing operations was $729 million, or $4.53 per diluted share, compared to $754 million, or $4.23 per diluted share, in 2010. On a reported basis, income from continuing operations was $472 million, or $2.93 per diluted share, in 2011, compared to $723 million, or $4.06 per diluted share, in 2010.

Adjusted operating income for 2011 was $1.3 billion, or 17.6% of revenues, compared to $1.3 billion, or 18.3% of revenues, in 2010. On a reported basis, operating income was $995 million, or 13.2% of revenues, in 2011, compared to $1.3 billion, or 17.6% of revenues, for 2010. Cash provided by operations was $895 million and was reduced by the Medi-Cal settlement payment, restructuring and integration, and transaction costs related to acquisitions, totaling $202 million.  Before these items, cash flow was $1.1 billion, compared to $1.1 billi
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