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Quest Diagnostics Reports Second Quarter 2013 Financial Results
Date:7/18/2013

strategically aligned, accretive acquisitions.  In addition, we continued to refocus on diagnostic information services through our ongoing portfolio review. In the second quarter, we completed the sale of HemoCue, and used the proceeds to repurchase shares. We repurchased $405 million of our shares in the second quarter, bringing year to date share repurchases to $467 million. This morning, we completed the sale of the ibrutinib royalty rights to Royalty Pharma for $485 million in cash. We expect to use the proceeds to drive shareholder value, consistent with our capital deployment strategy."

First Half PerformanceRevenues from continuing operations were $3.6 billion for the first six months of 2013, 4.9% below the prior year. Adjusted income from continuing operations was $307 million, or $1.95 per diluted share, compared to $353 million, or $2.20 per diluted share, in 2012. On a reported basis, income from continuing operations was $268 million, or $1.71 per diluted share, compared to $331 million, or $2.06 per diluted share, in 2012.

Adjusted operating income from continuing operations for the first half of 2013 was $579 million, or 16.1% of revenues, compared to $667 million, or 17.6% of revenues, for 2012. On a reported basis, operating income from continuing operations was $516 million, or 14.3 % of revenues, compared to $631 million, or 16.7% of revenues, in 2012. Cash provided by operations was $255 million, compared to $412 million in the first six months of 2012.

Outlook for 2013 For 2013, the company estimates results from continuing operations, before special items, as follows:

  • Revenues now expected to be 1% to 2% below the prior year, compared to previous guidance approximating the prior year level;
  • Earnings per diluted share now expected to be between $4.35 to $4.50, compared to previous guidance of between $4.35 and $4.55;
  • Cash provided by operations to approach $1 billion, compared to previo
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  • SOURCE Quest Diagnostics Incorporated
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